The World Bank has called on the Federal Government to urgently reduce high import tariffs and lift certain import bans, describing the move as a quick measure to ease soaring prices and relieve pressure on ordinary households.

During an interview with Arise TV, the World Bank’s Country Director for Nigeria, Mathew Verghis, warned that inflation particularly food inflation remains dangerously high, steadily eroding purchasing power and exacerbating poverty across the country.

“Nigeria has high tariffs and, in some cases, import bans on goods consumed by the poor. One way of lowering inflation quickly is to reduce some of these tariffs and take away some of these import bans.”

According to the Bank, food prices a key driver of hardship remain stubbornly high, placing essential goods out of reach for many low‑income households.

Verghis argued that easing trade restrictions and lowering tariffs could rapidly restore supply of essential goods, boost market competition, and help stabilise prices. The Bank also said doing so could improve customs revenue, reduce smuggling, and support formal trade flows, especially given Nigeria’s now more competitive exchange‑rate environment.

The World Bank further cautioned that, without decisive action, poverty levels may continue to climb through 2025 and into 2026.

Meanwhile, the federal government has indicated openness to revising tariffs and import restrictions in the next phase of economic reforms raising the possibility that the Bank’s recommendations may soon influence actual policy. Visit www.jocomms.com for more news.