The World Bank has emphasized that Nigeria needs to continue its current economic reforms for the next 10 to 15 years to position itself as a significant economic force, both in sub-Saharan Africa and globally.
The bank asserts that these reforms are essential for achieving sustainable growth and development, enabling Nigeria to compete with other emerging economies around the world.
The Senior Vice President of the World Bank Group, Indermit Gill, gave this advice during the ongoing 30th Nigerian Economic Summit in Abuja on Monday, October 14.
Gill acknowledged that the current administration’s reforms have caused hardship for many Nigerians, particularly the vulnerable poor, but emphasized that these measures are essential for the nation’s economic recovery.
According to him, “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.
Implementing such changes is challenging, but the rewards are substantial, as demonstrated by lessons from the last 40 years and by countries like Norway, Poland, and Korea.
While Nigeria’s reforms from 2003 to 2007 were necessary, they were not sustained. Today’s fiscal and monetary reforms are affecting everyone, especially ordinary Nigerians grappling with rising food and transportation costs.
The government must do everything possible to protect the most vulnerable citizens from these hardships, as their lives and those of 110 million children depend on it.”
