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The World Bank Group has advised Nigeria and other African countries to shift their focus away from subsidies and excessive spending, and instead strengthen social safety nets to curb the spread of poverty and inequality.The group gave the advice in a recent publication titled 'Leveling the Playing Field: Addressing Structural Inequalities to Accelerate Poverty Reduction in Africa.
This can be achieved by fostering strong economic and institutional foundations, promoting macroeconomic and fiscal stability, and ensuring the institutional framework eliminates barriers to competition, prevents undue privilege, and safeguards property rights.African leaders have also been advised to address inequalities in acquiring human capital and other assets by investing in education, health, and basic infrastructure to significantly enhance workers' productive capacity.
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