The World Bank has urged the Federal Government of Nigeria to focus on creating job opportunities for the nation’s youth.
This advice comes in light of significant economic reforms initiated by President Bola Tinubu’s administration, which have led to soaring inflation and increased living costs for citizens.
Ndiame Diop, the World Bank’s Country Director for Nigeria, highlighted the urgency of this recommendation in the context of the government’s recent decision to end fuel subsidies.
This policy shift, announced in May 2023, has resulted in a dramatic rise in the price of Premium Motor Spirit (PMS), which skyrocketed from N175 per litre to N1,025 per litre at Nigerian National Petroleum Company Limited (NNPCL) stations in Lagos.
In the latest Nigeria Development Update Report, titled “Staying the Course: Progress Amid Pressing Challenges,” the World Bank emphasized the importance of job creation, particularly for young Nigerians, to help them navigate the current economic hardships. Diop remarked, “Nigeria took the bold and courageous move to undertake difficult but critical reforms.
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This against the backdrop of an already fragile economic position, high food and transport inflation, and other heightened uncertainties.”
He continued, “If these reforms were not done, Nigeria would have fallen into a serious fiscal crisis that would have made it difficult for the government to meet its obligations to citizens.”
The report stresses the need to consolidate the improving fiscal outlook while simultaneously increasing support for the poorest households affected by rising costs.
The World Bank underscored that “expanding opportunities for growth and productive jobs, especially for young Nigerians, is most urgent and crucial.”
