According to David Malpass, president of the World Bank Group, the bank is willing to help Nigeria phase off regressive fuel subsidies while boosting social support for the underprivileged and vulnerable.
Malpass emphasised the need for an uniform currency rate in Nigeria, saying that it would greatly improve the business-enabling climate in Nigeria, draw foreign direct investment, and lower inflation, in a statement posted on the Bank’s website that provided details of their discussion on Thursday.
The statement reads “President Malpass emphasized the importance of integrating 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 the WBG’s readiness to support Nigeria in phasing out regressive fuel subsidies, while increasing social assistance for the poor and vulnerable.”
President Malpass and Vice President Osinbajo discussed Nigeria’s Energy Transition Plan. Malpass also welcomed Nigeria’s commitment to achieving universal energy access and reducing GHG emissions while maintaining reliable baseload.
On the exchange rate crisis, President Malpass encouraged a decisive move toward exchange rate unification and stabilization by Nigeria, highlighting the economic benefits for the Nigerian people.
“President Malpass emphasized to Vice President Osinbajo that a unified exchange rate will significantly improve the business enabling environment in Nigeria, attract foreign direct investment, and reduce inflation.
“President Malpass and Vice President Osinbajo also discussed the importance of increasing domestic revenues through broadening Nigeria’s tax base and increasing the efficiency of tax administration,“ the statement added.
