Finance

Subsidy removal, forex unification key to growing Nigeria’s economy

Subsidy removal, forex unification painful but key to growing Nigeria’s economy – World Bank

Subsidy removal, forex unification painful but key to growing Nigeria’s economy says World Bank

The World Bank has said the Federal Government’s subsidy removal and exchange rate unification policies remain vital to rebuilding the nation’s economy.

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The comment comes against the backdrop of the removal of fuel subsidies and foreign exchange market unification measures by President Bola Ahmed Tinubu’s government.

Country Director of World Bank, Dr Subham Chadhuri, disclosed this at an event organised by the bank to assess the nation’s economy in the last six months on Tuesday,

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Chadhuri, however, advocated measures that will reduce the impact on the people in the future.

He further stated that the World Bank’s concessionary funding to Nigeria is over ten billion dollars.

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