The World Bank has urged Nigeria to swiftly cut high import tariffs and lift specific bans as an emergency measure to combat soaring prices and rising poverty.

World Bank’s Country Director, Mathew Verghis, made this disclosure in an interview with Arise TV on Thursday.

Verghis warned that dangerously high inflation is relentlessly eroding the purchasing power of millions of Nigerians.

He projected that poverty in Nigeria will keep rising through 2025 and potentially into 2026 unless the government acts decisively to curb inflation.

“The reason we are projecting poverty to continue to rise in 2025, and possibly into 2026, is because inflation remains high enough that it’s undermining household incomes, especially for the poor, because food inflation remains at around 20 per cent,” Verghis said.

Verghis urged Nigeria to sustain its economic reforms, noting that stability in countries like India and China resulted from decades of consistent effort.

He added, however, that some policies could offer households more immediate relief.

“Nigeria has high tariffs and, in some cases, import bans on goods consumed by the poor… One way of lowering inflation quickly is to reduce some of these tariffs and take away some of these import bans,” he said.

Verghis, however, warned against artificially propping up Nigeria’s volatile exchange rate, advocating instead for a market-driven alignment.

“The best way to keep the Naira stable is to make sure that your exports are increasing and your foreign direct investment is increasing,” he said.

“The best way to keep the Naira stable is to make sure that your exports are increasing and your foreign direct investment is increasing,” he said.

He noted that stability is not end goal, “The primary objective is to get growth going, and a stable exchange rate that allows businesses to plan will contribute to that.”

Verghis credited a more realistic exchange rate and the removal of petrol subsidies for Nigeria’s significant progress in diversifying its revenue away from oil.

He argued that these higher non-oil earnings will enable greater investment in infrastructure and human capital.

The World Bank has highlighted the inefficiency of Nigeria’s social safety net programs,noting that while they do reach the poor, the vast majority of the country’s impoverished population remains uncovered.