Bank wants Nigeria to take decisive action toward currency rate unification and stabilization.
David Malpass, the president of the World Bank Group, met with Vice President Prof. Yemi Osinbajo yesterday as part of efforts to enlist the assistance of the multilateral organization to eliminate the petrol subsidy, which has grown to be a financial burden for Nigeria.
A statement on the World Bank website revealed the conference that took place in Washington.
The vice president of the World Bank commented on the meeting on his official Twitter account, stating that it was “useful meeting today with Vice President @ProfOsinbajo of Nigeria.
Excellent discussions on the significance of currency rate stabilization and unification, the elimination of fuel subsidies, Nigeria’s energy transition strategy, and the integration of climate change and development.
Malpass, who was quoted in the release, claimed that the conversation with Osinbajo also covered the Nigerian Energy Transition Plan, the significance of stabilizing and unifying currency rates, and the integration of climate and development.
He applauded Nigeria’s resolve to ensure that everyone has access to electricity and reduce GHG emissions while ensuring a stable baseload.
President Malpass emphasized the need for a conducive policy and regulatory framework, improved institutions in the energy sector, as well as the integration of climate and development.