The World Bank has issued a stern warning that reversing the economic reforms introduced by President Bola Tinubu’s administration could have severe consequences for Nigeria’s economic future.
The warning was issued by Ndiame Diop, the World Bank Country Director for Nigeria, during the launch of the Nigeria Development Update (NDU) report in Abuja.
According to Diop, the reforms implemented by the Tinubu administration, despite short-term challenges, are critical for Nigeria’s long-term economic stability.
He stated that any attempt to roll them back could lead to significant economic setbacks.
The Tinubu administration’s reforms, which have included fuel subsidy removal and foreign exchange market liberalization, are intended to address structural issues in Nigeria’s economy, promote fiscal sustainability, and create an environment conducive to investment and economic development.
However, they have also led to immediate impacts, such as rising inflation and cost of living pressures, prompting debate on their implications for ordinary Nigerians.
The World Bank emphasized the importance of staying the course of the reforms, noting that while the changes are difficult, they are essential for achieving sustained economic recovery.
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