The World Bank Group has declared that for Nigeria to transform its economy and become an engine of growth, it must maintain its current reforms for the next 10 to 15 years.
The Senior Vice-President of the World Bank Group, Indermit Gill, said this on Monday during the ongoing 30th Nigerian Economic Summit (NES), organised by the NES Group (NESG) in collaboration with the Ministry of Budget and National Planning.
The three-day summit, themed “Collaborative Action for Growth, Competitiveness, and Stability,” is being held in Abuja.
In his address, Gill said the reforms are critical for ensuring long-term growth and enabling Nigeria to compete with other emerging economies in sub-Saharan Africa and globally.
He commended the reforms implemented by the Tinubu led administration which he said would reverse the N10 trillion squandered through petrol subsidies and multiple foreign exchange rates.
He said that though the reforms would be challenging, it was necessary to persevere.
“Nigeria will need to stay the course of current economic reforms for at least the next 10 to 15 years to transform its economy. 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 are massive.”
President Bola Tinubu had announced the end of fuel subsidies during his inauguration on May 29, 2023. This has seen an increase in transportation and commodities, and cost of living for most Nigerians.
Additionally, the Central Bank of Nigeria (CBN) announced the unification of all segments of foreign exchange (FX) markets on June 19 which saw an increase in the dollar to naira rate.
The World Bank is not the first to preach patience to Nigerians concerning the current economic reforms. A number of persons including the Vice President of Nigeria, Kashim Shettima has implored Nigerians to be patient with the government as they would soon reap the benefits of the Economic policies. Yet, the policies continue to bite hard on the struggling masses.
