World Bank offers support to end fuel subsidies in Nigeria

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World Bank Group President David Malpass said the bank stands ready to help Nigeria phase out regressive fuel subsidies while improving social assistance for the poor and vulnerable.

In a statement posted on the Bank’s website which previewed the meeting between Malpass and Vice President Yemi Osinbajo on Thursday, Malpassin stressed the need for a unified exchange rate in Nigeria which would significantly improve the conducive business environment in Nigeria would attract foreign direct investment and reduce inflation.

The statement reads: “President Malpass stressed the importance of mainstreaming climate and development, as well as the need for an enabling policy and regulatory environment alongside strengthened institutions in the energy sector. .

“President Malpass affirmed to Vice President Osinbajo that the WBG stands ready to help Nigeria phase out regressive fuel subsidies, while increasing social assistance for the poor and vulnerable.”

Also Read: World Bank Ranks Nigeria 8th Among Countries With Worst Inflation Rates

President Malpass and Vice President Osinbajo discussed Nigeria’s energy transition plan. Malpass also hailed Nigeria’s commitment to achieving universal energy access and reducing GHG emissions while maintaining reliable base load.

On the exchange rate crisis, President Malpass encouraged a decisive move towards unification and stabilization of exchange rates by Nigeria, emphasizing the economic benefits for the Nigerian people.

“President Malpass emphasized to Vice President Osinbajo that a unified exchange rate will significantly improve the business environment in Nigeria, attract foreign direct investment and reduce inflation.

“President Malpass and Vice President Osinbajo also discussed the importance of increasing domestic revenue by broadening Nigeria’s tax base and increasing efficiency in tax administration,” the statement added.

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