World Bank Urge Federal Government To Unify Exchange Rate

The World Bank Group President, David Malpass, has urged the Federal government of Nigeria to unify the exchange rate in the country, as this would significantly improve activities in the business sector and create an enabling environment for business owners.

David Malpass recently made this statement at a meeting with the Vice President of Nigeria, Yemi Osinbajo about Nigeria’s Energy Transition Plan.

Read Also: Business Breakfast: Osinbajo Launches FG’s Energy Transition Plan

Speaking further, he stated that the World Bank Group is ready to support Nigeria in phasing out regressive fuel subsidies while increasing social assistance for the poor and vulnerable.

Malpass emphasised that the unified exchange rate will stabilise the business, attract foreign direct investment and reduce inflation.

“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 also discussed the importance of increasing domestic revenues through broadening Nigeria’s tax base and increasing the efficiency of tax administration,“ the statement added.”

Recall that Vice President Yemi Osinbajo on Wednesday departed Abuja, for the U.S. to seek global partnerships and support for Nigeria’s recently inaugurated Energy Transition Plan.

Businesses have suffering the effects of the constantly increasing exchange rate and this in turn affects what an ordinary man’s buying power leading to inability to access goods and services at an affordable rate.

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