World Bank Group President, David Malpass has applauded Nigeria’s commitment to achieving universal energy access in a bid to reduce GHG emissions, while maintaining reliable baseload
Malpass expressed delight on Nigeria’s giant stride when he met recently in US with the Vice President, Prof.Yemi Osinbajo and discussed Nigeria’s Energy Transition Plan.
President Malpass 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 Osinbajo the WBG’s readiness to support Nigeria in phasing out regressive fuel subsidies, while increasing social assistance for the poor and vulnerable.
To this end, President Malpass encouraged a decisive move toward exchange rate unification and stabilization by Nigeria, highlighting the economic benefits for the Nigerian people.
Similarly, President Malpass emphasized to Vice President that a unified exchange rate will significantly improve the business enabling environment in Nigeria, attract foreign direct investment, and reduce inflation.
President Malpass and Osinbajo also discussed the importance of increasing domestic revenues through broadening Nigeria’s tax base and increasing the efficiency of tax administration.
The Eagleonline has reported that Nigerian Osinbajo, has proposed a Debt-For-Climate (DFC) Swap deal, to facilitate energy access and development of African countries.
The Nigerian number two citizen made the proposal while explaining the DFC concept recently during a lecture on a just and equitable energy transition for Africa at the Center for Global Development in Washington DC.
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