The World Bank on Wednesday advised the Federal Government to prioritise providing jobs for the Nigerian youths, News About Nigeria reports.
The admonition was made by the World Bank’s Country Director for Nigeria, Ndiame Diop.
Speaking on the current economic challenges bedevilling the country and the critical reforms being carried out by the Bola Tinubu-led government, the World Bank noted that such reforms have thrown the country into skyrocketing inflation and an increase in the cost of living.
In its Nigeria Development Update Report, titled “Staying the Course: Progress Amid Pressing Challenges,” the World Apex Bank stated that going forward, it is most crucial for the government to provide jobs for its citizens, youths especially, to help them cope with the hardship.
The report partly reads, “Nigeria took the bold and courageous move to undertake difficult but critical reforms. This is 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 the 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.”
The World Bank further urged the Central Bank of Nigeria to refrain from intervening in the foreign exchange market through forex auctions.
The apex bank also tasked the CBN to continuously reaffirm its commitment to exchange rate flexibility by adopting a comprehensive, systematic, and transparent framework for foreign exchange interventions.
