The World Bank has called on the Nigerian government to urgently slash high import tariffs and remove specific import bans as part of immediate measures to ease the country’s soaring cost of living and rising poverty levels.
The recommendation was made by the World Bank Country Director for Nigeria, Mathew Verghis, during an interview with Arise TV. According to him, Nigeria’s current trade restrictions are significantly contributing to higher prices of essential goods, placing additional pressure on households already struggling with inflation.
Verghis stressed that reducing tariffs and easing import controls would help increase supply, stabilize markets, and improve affordability for millions of Nigerians. He noted that the global lender has repeatedly highlighted the impact of Nigeria’s trade policies on food inflation and general consumer prices.
The call comes at a time when many Nigerians are battling with record-high inflation, rising transportation costs, and declining purchasing power. Economists have also warned that maintaining strict import bans may continue to limit competition and keep prices elevated.
The Nigerian government is yet to issue an official response to the latest recommendation.