The World Bank has once again called for economic reforms in Africa’s most populous country as COVID-19 and weak economic productivity drag the nation into its worst recession in almost 40 years.
The global financial institution said reforms are important to avoid worsening the negative impact of COVID-19 on the economy.
It stated this in a press release titled “Sustaining and deepening policy reforms is critical to mitigate the COVID-19 crisis in Nigeria, says New World Bank Report”.
The report read in part, “In the next three years, an average Nigerian could see a reversal of decades of economic growth and the country could enter its deepest recession since the 1980s.
“The latest World Bank Nigeria Development Update argues that this path could be avoided if progress in the current reforms is sustained and the right mix of policy measures is implemented.”
It explained that “Rising to the challenge: Nigeria’s COVID response,” took stock on the recently implemented reforms and proposed policy options to mitigate the impact of COVID-19 and foster a resilient, sustainable, and inclusive recovery.
Shubham Chaudhuri, the World Bank Country Director for Nigeria, who spoke on Nigeria’s situation, said “Nigeria is at a critical historical juncture, with a choice to make.”
“Nigeria can choose to break decisively from business-as-usual, and rise to its considerable potential by sustaining the bold reforms that have been taken thus far and going even further and with an even greater sense of urgency to promote faster and more inclusive economic growth.”
