The President, World Bank Group, David Malpass, said this during a press briefing at the 2020 annual general meeting on Thursday.
World Bank Group has said it will work with the Nigerian government to strengthen the health and education sectors.
He said, “For Nigeria, the vital steps are to strengthen the health system and the education system, and we try to work in those areas.
“Also, the governance system and transparency are vital in order to reduce the corruption within the system.
“I compliment Nigeria for tackling the problem of subsidies in the hydrocarbon area.
“By reducing those subsidies and allowing gasoline prices to rise – it is very hard for governments to do that — there are substantial benefits.
“It means that there are fiscal savings.
“It also means there are environmental benefits that are large, and it also allows markets to work better and to allocate resources better.
“So, I think progress is being made in that area and it is valuable.”