The World Bank has emphasized the importance of sustained economic reforms for Nigeria to establish itself as a leading economic power in sub-Saharan Africa and globally.
Indermit Gill, Senior Vice President of the World Bank Group, delivered this message during the 30th Nigerian Economic Summit in Abuja. The three-day event, themed “Collaborative Action for Growth, Competitiveness, and Stability,” focused on addressing Nigeria’s economic challenges.
Gill highlighted the need for Nigeria to continue the economic reforms initiated by the current administration. He emphasized that these reforms are crucial for reversing the loss of N10 trillion enjoyed by the elite through fuel subsidies and multiple foreign exchange rates.
While acknowledging the challenges associated with implementing such reforms, Gill stressed the long-term benefits. He 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.”
The World Bank’s advice comes amidst Nigeria’s ongoing economic challenges, including high inflation rates and fluctuations in the foreign exchange market. These factors have contributed to a high cost of living for Nigerians.
By sustaining economic reforms, Nigeria can position itself as a major player in the global economy and improve the lives of its citizens. Sources and related content
