The World Bank has emphasized that Nigeria will need to stay the course of the current economic reforms for at least the next 10 to 15 years to transform its economy as a significant economic force, both in Sub-Saharan Africa and globally.
The vice president of the World Bank Group, Indermit Gill, stated this on Monday during the ongoing 30th Nigeria Economic Summit (NES), in Abuja. That was organised by the Nigerian Economic Summit Group (NESG) in collaboration with the Ministry of Budget and National Planning.
Gill said the reforms are essential for ensuring long-term growth and development, enabling Nigeria to compete with other emerging economies around the world.
He said the reforms implemented by the current administration must continue to reverse the N10 trillion squandered through petrol subsidy and multiple foreign exchange rates, adding that implementing the reforms will be challenging, but the rewards are substantial, as demonstrated by lesson from the last 40 years and by countries like Norway, Poland, and Korea.
Gill acknowledged that the current administration’s reforms have caused hardship for many Nigerians, particularly the vulnerable poor, but emphasised that these measures are essential for the nation’s economic recovery.
“If these reforms are sustained Nigeria will transform its economy and become an engine of growth in Sub-Saharan Africa. It is difficult to implement such reforms, but the rewards are massive,” he said.
The government needs to do everything possible to protect the most valuable citizens from this hardship, especially Nigerians grappling with rising food and transportation costs which their lives depend on.
