The World Bank in a report has urged Nigeria to make more progress on medium-term fiscal and monetary measures.
Since taking over the presidency in May, President Bola Tinubu has made attempts at eliminating a costly fuel subsidy and lifted restrictions on the naira currency.
Tinubu administration officials say the measures are essential to bringing in more foreign investment, but in the short term Nigerians are struggling with higher inflation, tripled fuel prices and a sharply weakened naira.
In its report on Nigeria’s development update, the World Bank said reforms had been “essential” but there was a need to “sustain and fully implement” them.
“Now is the time to truly turn the corner by ensuring coordinated fiscal and monetary policy actions in the short to medium term,” Shubham Chaudhuri, World Bank Country Director for Nigeria, said in a press release.
“Continued reform implementation can ensure that Nigeria benefits from the difficult adjustments underway.”
Chaudhuri, also said that included properly benefiting from the “fiscal space” of increased oil revenues after the end of the fuel subsidy.
