By Milcah Tanimu
The World Bank has stated that Nigeria needs to maintain its current economic reforms for the next 10 to 15 years to successfully transform its economy.
Indermit Gill, Senior Vice President of the World Bank Group, made this statement on Monday during the ongoing 30th Nigerian Economic Summit (NES), organized 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 taking place in Abuja.
In his welcome address, Gill emphasized that these reforms are crucial for fostering long-term growth and enabling Nigeria to compete with other emerging economies in sub-Saharan Africa and globally.
He stated, “The reforms implemented by the current administration must continue to reverse the N10 trillion squandered through petrol subsidies and multiple foreign exchange rates. While implementing the reforms will be challenging, it is essential to persevere.”
Gill noted, “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 become an engine of growth in sub-Saharan Africa. It is very difficult to implement such reforms, but the rewards are massive.”
On May 29, 2023, President Bola Tinubu announced the removal of the petrol subsidy, which has led to increased transportation and production costs. Additionally, the Central Bank of Nigeria (CBN) unified all segments of the foreign exchange (FX) markets on June 19.
