World Bank Senior Economist, Gloria Joseph-Raji, says Nigeria needs bold policies to improve the business environment and the welfare of an average Nigeria.
Joseph-Raji who disclosed this while speaking at the virtual launch of the 2021 Macroeconomic Outlook of the Nigerian Economic Summit Group, stated that lack of jobs have prevented poor Nigerians from crossing the poverty line.
She suggested more transparent and credible foreign exchange allocation should be adopted by the Nigerian government, expand tax revenue in a manner that doesn’t weigh on investment and growth.
The government was also advised to strengthen the management of monetary policies towards the primary objective of price stability.
While warning that Nigeria’s “outlook is very uncertain, and there is a need for the government to prioritize certain key policy reforms if Nigeria must really turn the corner and recover and rebuild resilient and inclusive growth, Joseph-Raji said more needed to be done if Nigeria really wants to make progress towards meeting its broad development goals,” she said.
Joseph-Raji suggested more transparent and credible foreign exchange allocation should be adopted by the Nigerian government, expand tax revenue in a manner that doesn’t weigh on investment and growth.
The government was also advised to strengthen the management of monetary policies towards the primary objective of price stability.
Joseph-Raji stated that lack of jobs have prevented poor Nigerians from crossing the poverty line. She also cited low growth in the business environment as a factor driving poverty level high within the country.
While commenting on the rising poverty level, Joseph-Raji said, “We actually consider Nigeria right now to be at a critical junction in the sense that the achievement of its development goal of lifting 100 million people out of poverty by 2030 was already challenging even before COVID-19 struck, and then COVID-19 has made this even more challenging and more urgent.
