Insecurity and inflation: World Bank lists challenges for Nigeria's new leadership

The World Bank Group, or WBG, has outlined a number of issues in Nigeria that require immediate action as it gets ready to welcome the new Federal Government leadership. The country's economic growth rate would be 2.8%, according to WBG President David Malpass, which is lower than the earlier prediction of 2.9% and much lower than its projections for 2022, which were 3.3%. The World Bank is working assiduously in Nigeria to develop a more productive economic structure in order to address these issues. The government needs to diversify its economy in order to make significant progress, and trade protection that prevents market development needs to be addressed, according to the international lender. The dual exchange rate that is costly for the people of Nigeria needs to be tackled. Inflation is also high, making it challenging to achieve sustainable economic growth. Nigeria must address its economic challenges to achieve sustainable growth and improve its citizens' well-being. The World Bank is committed to collaborating with the new leadership of the Federal Government to establish a more productive economic system that would lead to shared prosperity in a sustainable manner.