The World Bank has called on Nigeria to rethink its petroleum subsidy regime.

The President of the World Bank, Mr. David Malpass made the call at the ongoing Spring meetings of IMF and World Bank in Washington D.C, U.S.A.

Mr. Malpass said the current subsidy regime benefits people with higher income more and sought a subsidy system that would be targeted at those at the lower wrung of the economic ladder.

The World Bank President also said Nigeria should abolish its multiple exchange rate system and embrace a single system that is market based as it would help to attract investments and promote stability.

He acknowledged the problems of insecurity confronting Nigeria and many parts of sub Saharan Africa which he said were exacerbated by flow of weapons from outside the continent.

Mr. Malpass however said there was bright growth prospects for the country in view of its vast human and natural resources but said this would only come about with improvement in policies.