By Atoyebi Nike
The World Bank has called on Nigeria to lower high import tariffs and remove certain import bans to quickly ease inflation and protect vulnerable households.
Mathew Verghis, World Bank Country Director for Nigeria, made the remarks in an interview with Arise TV on Thursday, warning that persistent high inflation is eroding the purchasing power of millions.
“Poverty could continue rising through 2025 and possibly into 2026 because food inflation remains around 20%, undermining household incomes,” Verghis said. He urged Nigeria to maintain economic reforms, noting that countries such as India and China achieved stability only through decades of consistent policy measures.
Verghis highlighted immediate actions that could provide relief. “Nigeria has high tariffs and, in some cases, import bans on goods consumed by the poor. Reducing these tariffs and lifting some bans could lower inflation quickly,” he said, adding that such measures align with ECOWAS commitments.
On the Naira, Verghis warned against artificial stabilization. He recommended market-driven alignment and said a stable currency depends on increasing exports and foreign investment. “Stability alone is not the goal. Growth is the primary objective, and a predictable exchange rate supports it,” he added.
Verghis also commended progress in revenue diversification, noting Nigeria’s reduced dependence on oil and removal of petrol subsidies. He highlighted the improving debt situation, pointing out that the debt-to-revenue ratio is falling for the first time in years. Still, he stressed that borrowed funds must be used wisely to avoid future debt problems.
