The has recommended that Nigeria’s Federal Government prioritize job creation for young Nigerians, as recent economic reforms have intensified inflation and living costs.
This advice came from the World Bank’s Country Director for Nigeria, Ndiame Diop, following the economic adjustments introduced by President Bola Tinubu’s administration.
In May 2023, Tinubu announced the removal of fuel subsidies, causing Premium Motor Spirit (PMS) prices to soar from ₦175 to an official rate of ₦1,025 per litre at Nigerian National Petroleum Company Limited (NNPCL) stations in Lagos.
In its latest Nigeria Development Update Report, titled “Staying the Course: Progress Amid Pressing Challenges,” the World Bank stressed that providing job opportunities, particularly for young Nigerians, is essential for helping them manage the financial strain caused by recent economic changes.
“Nigeria took the bold and courageous move to undertake difficult but critical reforms. This against the backdrop of an already fragile economic position, high food and transport inflation, and other heightened uncertainties.
“If these reforms were not done, Nigeria would have fallen into a serious fiscal crisis that would have made it difficult for government to meet its obligations to citizens.
“It will be important to consolidate the improving fiscal outlook and scale up the support for the poorest households to cope with purchasing power losses and hardships, while expanding opportunities for growth and productive jobs, especially for young Nigerians is most urgent and crucial,” Diop stated.
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