The World Bank has called on Nigeria to revise trade policies to lower import tariffs and lift import bans.
The Washington-based lender said such reforms could help reduce inflation faster and tackle rising poverty, which affects over half the population.
According to the Bank, inflation has eased slightly due to closer coordination between fiscal and monetary authorities.
However, officials noted that sustained high prices and weak economic growth continue to constrain household purchasing power.
“Addressing trade barriers is critical to improving price stability and supporting economic recovery,” the Bank stated.
Nigeria’s high tariffs and import restrictions limit access to cheaper goods, pushing costs higher for consumers.
The Bank recommended measures to simplify customs procedures and encourage competitive import markets to lower overall costs.
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It stressed that reducing trade barriers could stimulate growth, create jobs, and expand access to essential goods.
The World Bank also highlighted that poverty reduction requires integrated policies across trade, fiscal, and social support systems.
Officials warned that failure to implement reforms could prolong economic hardship and slow progress on reducing inequality.
Reforming trade policy, the Bank said, complements ongoing monetary and fiscal measures to stabilise the naira and domestic markets.
Nigeria faces the dual challenge of boosting growth while protecting vulnerable populations from high inflation and limited market access.
The Bank urged the government to prioritise reforms before inflation becomes entrenched and poverty deepens further.
Analysts said implementing these recommendations could strengthen Nigeria’s economic resilience and improve long-term living standards.
Nigeria’s trade and fiscal policies will be closely watched by investors and international partners as the country seeks sustained economic recovery.
