The December 2023 Edition of The World Bank “Nigeria Development Update (NDU): Turning the Corner: From reform and renewed hopes, to results” has been released.
The report recommends specific actions required to further sustain and achieve the full benefits of reforms already embarked on by the Government. These include controlling inflation and improving the stability of the FX market; achieving fiscal consolidation by sustaining savings from the PMS subsidy reform and improving non-oil revenues; and addressing structural barriers to growth.
The report by the World Bank recognised the advances of Nigerian President Bola Ahmed Tinubu’s tough economic reforms, but urged more progress on medium-term fiscal and monetary measures.
The Bretton Woods Institution said reforms had been “essential” but there was a need to “sustain and fully implement” them.
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