The World Bank Group has maintained that the Nigerian government must sustain its ongoing economic reforms for between the next 10 to 15 years in order to transform the country into a leading global economic power.
The Senior Vice President of the World Bank Group, Indermit Gill, made this projection in his welcome address at the ongoing 30th Nigerian Economic Summit with the theme ‘Collaborative Action for Growth, Competitiveness, and Stability’ and organised by the Nigerian Economic Summit Group and the Ministry of Budget and National Planning, on Monday in Abuja.
According to the banker, the current reforms are crucial for ensuring sustainable growth and development, allowing Nigeria to compete with other emerging economies worldwide.
Speaking at the three-day event, Gill said the reforms implemented by the current administration must continue to reverse the loss of N10 trillion enjoyed by the elite for several years through fuel subsidies and multiple foreign exchange (FX) rates.
However, he pointed out that the implementation of the fiscal, monetary and other these reforms would be challenging, adding that it is essential for the citizens to persevere.
The banker said: “Nigeria will need to stay the course of current economic reforms for at least the next 10 to 15 years to transform its economy.
“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”, Gill added.
Currently, Nigerians are grappling with a high inflation rate, largely driven by the removal of the fuel subsidy by the President Bola Tinubu’s administration, which has increased transportation, production and other costs.
This is even as the unification of the foreign exchange market has led to significant fluctuations in local currency value as well as volatility of the market with the attendant implications for surging prices of goods, services and cost of living across the country.
