The World Bank Group’s President, David Malpass, has stated that the bank is prepared to assist Nigeria in phasing off regressive fuel subsidies while enhancing social assistance for the poor and vulnerable.
In a statement published on the Bank’s website which gave insight into the meeting between Malpass and Vice President Yemi Osinbajo on Thursday, Malpassin stressed the need for a unified exchange rate in Nigeria, which would significantly improve the business-enabling environment in Nigeria, attract foreign direct investment, and reduce inflation.
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.”
