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The World Bank has stated that Nigeria must maintain its ongoing economic reforms for the next 10 to 15 years to establish itself as a leading economic power, not only in sub-Saharan Africa but also on the global stage.
These reforms, according to the bank, are crucial for ensuring sustainable growth and development, allowing Nigeria to compete with other emerging economies worldwide.
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.
He noted that while implementing these reforms will be challenging, it is essential to persevere.
Gill stated, “Nigeria will need to stay the course of current economic reforms for at least the next 10 to 15 years to transform its economy.”
After being momentarily interrupted by a negative reaction from the audience, he continued, “I don’t know if you are agreeing or disagreeing with me. If these reforms are sustained, Nigeria will transform its economy and become an engine of growth in sub-Saharan Africa.”
“It is very difficult to implement such reforms, but the rewards will be massive if they are maintained,” he added.
More to follow…
