Nigeria don lose big money, N13 trillion, to forex subsidy, according to World Bank report wey come out recently.
The World Bank say dis huge loss dey because of how Nigeria dey manage its foreign exchange market. Dey explain say dey need to make sure dat dey use deir resources well and avoid wasting dem on subsidies.
Dis report come at a time when Nigeria dey face economic challenges, including high inflation and shortage of foreign exchange. World Bank advise say Nigeria should find way to diversify its economy and reduce its dependence on oil exports.
Experts say dat if Nigeria can manage its forex market better, it go help de country to grow its economy and reduce poverty. Dey also talk about de need for transparency and good governance in de management of forex subsidies.
Nigerian government don promise to take steps to address dis issue and make sure dat de country get de best value from its foreign exchange.
