The World Bank has called on Nigeria to maintain its current economic reforms for the next 10 to 15 years in order to achieve a transformative impact on its economy.
This statement was made by Senior Vice President of the World Bank Group, Indermit Gill, during the 30th Nigerian Economic Summit (NES) held in Abuja on Monday.
The three-day summit, themed “Collaborative Action for Growth, Competitiveness, and Stability,” is being organised by the Nigerian Economic Summit Group (NESG) in collaboration with the Ministry of Budget and National Planning.
The event brings together government officials, industry leaders, and experts to discuss strategies for sustainable economic growth.
In his opening address, Gill emphasised the critical importance of the reforms recently implemented by Nigeria’s government.
He noted that these reforms would not only promote long-term economic growth but also position Nigeria as a competitive force among emerging economies in sub-Saharan Africa and the global stage.
“Nigeria will need to stay the course of current economic reforms for at least the next 10 to 15 years to transform its economy,” Gill said.
He stressed that the continuity of reforms is essential to reversing the economic damage caused by past policies, including the squandering of N10 trillion on petrol subsidies and the distortion caused by multiple foreign exchange rates.
According to Gill, while the process of reform will be challenging, the long-term benefits will be substantial. *”It is very difficult to implement such reforms, but the rewards are massive,”* he added.
One of the major reforms introduced by the current administration was the removal of the petrol subsidy on May 29, 2023.
President Bola Tinubu announced the decision, which, though aimed at reducing government expenditure, has led to increased transportation and production costs in the short term.
Boluwatife Enome
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