Vice-President Yemi Osinbajo on Thursday met with World Bank Group’s President, David Naloass, in Washington DC, where they discussed unifying Nigeria’s exchange rate and the removal of fuel and electricity subsidies.
A statement by the World Bank Group reads: “Today, World Bank Group President David Malpass met with Vice President Yemi Osinbajo of the Federal Republic of Nigeria.
President Malpass and Vice President Osinbajo discussed Nigeria’s Energy Transition Plan. President Malpass welcomed Nigeria’s commitment to achieving universal energy access and reducing GHG emissions while maintaining reliable baseload. 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 encouraged a decisive move toward exchange rate unification and stabilization by Nigeria, highlighting the economic benefits for the Nigerian people. President Malpass emphasized to Vice President Osinbajo that a unified exchange rate will significantly improve the business enabling environment in Nigeria, attract foreign direct investment, and reduce inflation. 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.”