World Bank Urges Nigeria to Cut Import Tariffs to Curb Inflation and Poverty

The World Bank has advised the Nigerian government to lower import tariffs and lift certain import bans to address inflation and poverty. The World Bank's country director for Nigeria, Mathew Verghis, emphasized the need to tackle inflation to prevent a further decline in purchasing power for millions of Nigerians.

Verghis also highlighted the importance of a market-driven exchange rate and praised Nigeria's progress in revenue diversification and removal of petrol subsidies. The World Bank's recent report revealed that a significant portion of the poor population in Nigeria still lacks access to government safety net programs.