In a development aimed at bolstering Nigeria’s economy, the United Nations (UN) has committed to providing support to tackle the pressing issues of inflation and the depreciation of the naira.
This assurance was given by the new UN Resident Coordinator to Nigeria, Mohammed Malik Fall, during a pivotal meeting with Senator Abubakar Atiku Bagudu, the Minister of Budget and Economic Planning, in Abuja on March 4th, 2024.
Nigeria, Africa’s largest economy, has been grappling with economic challenges that have seen rising inflation rates and a depreciating currency, exerting pressure on the economic wellbeing of its citizens, particularly the vulnerable groups. These economic hurdles not only undermine the nation’s growth prospects but also heighten concerns over social stability and development.
Recognizing the gravity of Nigeria’s economic situation, Fall expressed the UN’s readiness to marshal support across its various agencies, including the United Nations Development Programme (UNDP), International Labour Organisation (ILO), Food and Agriculture Organisation (FAO), and the United Nations Children’s Fund (UNICEF), among others.
The goal is to deploy a coordinated approach to address Nigeria’s unique economic challenges efficiently, ensuring that efforts are not duplicated and resources are utilized effectively.
This collaborative effort aims to tackle the root causes of inflation and currency depreciation, providing sustainable solutions that will promote economic stability and growth. By leveraging the expertise and resources of the UN’s specialized agencies, the initiative seeks to implement strategies that will bolster Nigeria’s economic resilience, enhance fiscal policies, and foster an environment conducive to investment and development.
During the meeting, Atiku Bagudu emphasized the importance of accessing long-term capital for Nigeria’s economic development, calling on development partners to support Nigeria in this endeavor. He acknowledged the UN’s ongoing interventions in the country, particularly highlighting the support extended to the citizens of Borno State.
Borno, located in Nigeria’s North East, has been severely affected by years of insurgency, with many of its inhabitants displaced and livelihoods destroyed. The UN’s efforts in encouraging the return to farming and rebuilding of villages in Borno exemplify the broader commitment to addressing the immediate and long-term challenges facing Nigeria.
Bagudu expressed hope for the continued partnership with the UN, underscoring its pivotal role in addressing global issues of inequality, hunger, and poverty. He commended the UN for its dedication to fostering development and providing aid where it is most needed, reflecting on the organization’s impact in drawing international attention to pressing humanitarian and economic issues.
According to The Sun Nigeria, Mohammed Malik Fall, who is on his second tour of duty in Nigeria, having previously served as a representative of UNICEF, brings a wealth of experience and a deep understanding of the country’s socio-economic landscape. His leadership is expected to strengthen the UN’s support for Nigeria, ensuring that the collaboration yields tangible benefits for the nation’s economy and its people.
This partnership between Nigeria and the UN represents a critical step forward in addressing some of the most pressing economic challenges facing the country. By focusing on sustainable development, capacity building, and economic empowerment, the initiative aims to lay the groundwork for a more prosperous and stable Nigeria. As the collaboration unfolds, it is anticipated that the combined efforts of the Nigerian government and the UN will lead to significant advancements in combating inflation, stabilizing the currency, and ultimately achieving economic growth and development for the benefit of all Nigerians.
The UN’s pledge to assist Nigeria in arresting inflation and the depreciation of the naira marks a promising development in the country’s quest for economic stability and growth. Through strategic collaboration and targeted interventions, there is renewed hope for addressing the economic challenges that have long hindered Nigeria’s progress, paving the way for a brighter and more prosperous future.
