The World Bank has called on the Federal Government to swiftly reduce import tariffs and remove bans on certain goods as part of urgent steps to curb inflation and protect household incomes.
World Bank Country Director for Nigeria, Mathew Verghis, said during a televised interview that high inflation continues to erode the purchasing power of millions of Nigerians, warning that poverty levels could keep rising through 2025 and possibly into 2026 if decisive action is not taken.
This comes despite new data from the National Bureau of Statistics (NBS) showing inflation eased to 16.05% in October — the seventh straight month of decline and the lowest in three years.
Verghis noted, however, that food inflation remains high at around 20%, disproportionately affecting poor households.
“Nigeria has high tariffs and, in some cases, import bans on goods consumed by the poor.
“Reducing these tariffs and lifting some of the bans is one way to lower inflation quickly,” he said.
Verghis urged Nigeria to sustain ongoing economic reforms, citing India and China as examples of countries that achieved stability through consistent, long-term policy adjustments.
On the naira, he said stabilising the currency requires increased export earnings and stronger foreign investment inflows.
He also praised progress in revenue diversification, noting that Nigeria is now less dependent on oil revenues due to a more market-reflective exchange rate and the removal of petrol subsidies.
He added that while Nigeria’s debt-to-GDP ratio remains moderate, borrowed funds must be channelled into productive investments that support growth and human capital development.
