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World Bank President, David Malpass echoes Osinbajo’s stance on foreign exchange

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World Bank Group President David Malpass and Vice President Yemi Osinbajo at the meeting in Washington D.C.

World Bank Group President David Malpass has backed Vice President Yemi Osinbajo on the unification of the exchange rate in Nigeria.

Malpass noted that a unified exchange rate will significantly improve the ease of doing business and reduce inflation.

Malpass who met with Osinbajo on Thursday in Washington also discussed Nigeria’s Energy Transition Plan.

In a readout during the meeting, the World Bank Group President encouraged a decisive move toward exchange rate unification and stabilization by Nigeria, highlighting the economic benefits for the Nigerian people.

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Malpass emphasized to Osinbajo that a unified exchange rate will significantly improve the business enabling environment in Nigeria, attract foreign direct investment, and reduce inflation.

The two men also discussed the importance of increasing domestic revenues through broadening Nigeria’s tax base and increasing the efficiency of tax administration.

On the Energy Transition Plan, Malpass welcomed Nigeria’s commitment to achieving universal energy access and reducing GHG emissions while maintaining reliable baseload.

He emphasized the importance of integrating climate and development, as well as the need for an enabling policy and regulatory environment alongside strengthened institutions in the energy sector.

Malpass affirmed to Prof. Osinbajo the World Bank Group’s readiness to support Nigeria in phasing out regressive fuel subsidies, while increasing social assistance for the poor and vulnerable.

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Chronicle NG reports that in October 2021, the Vice President advocated a forex policy that would curb arbitrage and corruption, offering Nigerians cheaper dollars.

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