The federal and state governments need to improve cooperation and policy coordination in a few key areas to support the nation’s launch into rapid diversified growth and job creation.
This recommendation is contained in the World Bank’s Nigeria Economic Report which was launched in Abuja on Monday.
According to the report, key areas including macroeconomic management, coordinated policies to enhance market connectivity and improve public services should be focused on.
Economists at the World Bank believes Nigeria’s short-term macroeconomic outlook looks generally strong, with the likelihood of higher growth, lower inflation, and reserve accumulation which will present the government with an opportunity to make progress in key reforms and public investments associated with the transformation agenda.
As part of its forecast, the group also suggests that Nigeria should build its fiscal reserve to protect the country from oil price volatility in the event the price of the commodity rises.