W’Bank Urges Nigeria to Improve Cross-border Trade
BUHARI
The World Bank Thursday called on Nigeria to introduce policies that will improve her cross-border trade as a way of developing the economy.
Noting that Nigeria has a lot of potential, the President of the Bank, Mr David Malpass said growth would be rapid with improvements in its economic policies.
Malpass who spoke during a virtual meeting with some West and Central African Journalists said the bank has encouraged efforts at cross-border trade and subsidy reduction for fossil fuel as important for the nation’s economy.
He described multiple exchange rates as a burden on the people, adding that the bank encourages the unification or rates so that money, investments and remittances can flow in and out of Nigeria with less friction.
He added, “ Our programmes remain strongly supportive of the people of Nigeria and in Nigeria.”
He disclosed that the group plans to invest $150 billion in Nigeria and other African countries in the next five years, adding that this was to assist in economic recovery for the continent.
He also disclosed that the Bank has invested $200 billion in Africa in the past 10 years.
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