What do you believe is the single most important factor driving up the cost of living in Nigeria?

The Senior Vice President of the World Bank Group, Indermit Gill, gave this advice during the ongoing 30th Nigerian Economic Summit, organised by the Nigerian Economic Summit Group and the Ministry of Budget and National Planning on Monday in Abuja.

The three-day event is themed “Collaborative Action for Growth, Competitiveness, and Stability.”

Nigeria is currently grappling with a high inflation rate of 32.15 per cent, largely driven by the removal of the fuel subsidy, which has increased transportation and production costs.

Additionally, the unification of the foreign exchange market has led to significant fluctuations in currency value, further increasing the cost of goods and services across the country, contributing to a high cost of living.

In his welcome address, Gill said the reforms implemented by the current administration must continue to reverse the loss of N10 trillion enjoyed by the elite through fuel subsidies and multiple foreign exchange rates.

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