The World Bank has urged Nigerians to endorse the current economic reforms, cautioning against any opposition or rollback.

It indicated that such actions could lead to severe repercussions for the nation.

Dr. Ndiame Diop, the World Bank Country Director for Nigeria, made this appeal during the launch of the Nigeria Development Update (NDU) report in Abuja.

Diop emphasized that although the reforms may present challenges, they are essential for the country’s long-term stability and warned that retracting these reforms would be harmful, stating that doing so would spell disaster for Nigeria.

Additionally, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, reiterated the need to remain committed to the reforms.

Edun elaborated that the government aims to lower inflation while ensuring investment flows into critical sectors such as industry, which can create jobs.

He noted, “Any initiative that is not maintained will be in vain. Alongside the Governor of the Central Bank of Nigeria and the Minister of Budget and National Planning, we have been discussing how to stay on track.”

“We are emphasizing market pricing and have met with labor unions to clarify why we cannot afford to miss this opportunity.”

Central Bank Governor Mr. Olayemi Cardoso also spoke about the significance of boosting exports amid exchange rate changes.

“The easing of the FX rate should enhance the competitiveness of our goods for export and reduce the importation of non-essential items,” he stated.