In May 2023, President Bola Tinubu’s administration ended fuel subsidies, driving up Premium Motor Spirit (PMS) prices from N175 to an official rate of N1,025 per litre at NNPCL stations in Lagos. This reform, part of broader economic measures, has led to rising inflation and increased living costs for Nigerians.
In its Nigeria Development Update Report, titled “Staying the Course: Progress Amid Pressing Challenges,” the World Bank advised the government to focus on job creation, especially for youth, to help citizens manage economic hardship.
Ndiame Diop, the World Bank’s Country Director for Nigeria, highlighted that reforms were necessary to prevent a fiscal crisis but stressed the importance of supporting vulnerable households and expanding job opportunities.
Read also:
- Khalifa fund displays over 15 SMEs at Emirates forum
China’s SME landscape sees steady growth, innovation drive- Oyo unveils export-ready yam, cassava, plantain flour to boost non-oil trade
- High interest rates hurting SMEs, reps tell CBN
- DBN targets N1.8tr loan portfolio, 2m jobs in 5yr MSME plan
Additionally, the Bank recommended the Central Bank of Nigeria (CBN) pursue a more flexible foreign exchange policy, encouraging a systematic framework for FX interventions.
This advice follows the CBN’s recent $876.26 million FX auction, marking a shift in strategy under Governor Yemi Cardoso to stabilize the naira and deepen the FX market.
Discover more from SMALL BUSINESS INSIGHTS
Subscribe to get the latest posts to your email.
