The World Bank has emphasized the necessity for Nigeria to maintain its current economic reforms over the next 10 to 15 years to successfully transform its economy.
Senior Vice-President of the World Bank Group Indermit Gill, made this statement during the 30th Nigerian Economic Summit (NES) in Abuja, which is organized by the Nigerian Economic Summit Group (NESG) in collaboration with the Ministry of Budget and National Planning.
In his welcome address, Gill highlighted that these reforms are crucial for fostering long-term growth and enhancing Nigeria’s competitiveness among emerging economies in sub-Saharan Africa and beyond. He noted the importance of continuing reforms initiated by the current administration to address the N10 trillion lost to petrol subsidies and the complexities of multiple foreign exchange rates.
“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 asserted. “If these reforms are sustained, Nigeria can become an engine of growth in sub-Saharan Africa. Although implementing such reforms is challenging, the potential rewards are substantial.”
Since May 29, 2023, President Bola Tinubu has removed the petrol subsidy, leading to increased transportation and production costs. Furthermore, on June 19, the Central Bank of Nigeria (CBN) announced the unification of all segments of the foreign exchange markets, a significant step toward economic stabilization.
