The World Bank has emphasised that Nigeria must continue its current economic reforms over the next 10 to 15 years to solidify its position as a leading economic power, not only in sub-Saharan Africa but globally. These reforms are deemed essential for promoting sustainable growth, enhancing competitiveness, and enabling Nigeria to stand alongside other emerging economies on the world stage.
This recommendation was made by Indermit Gill, Senior Vice President of the World Bank Group, during the 30th Nigerian Economic Summit, co-hosted by the Nigerian Economic Summit Group and the Ministry of Budget and National Planning, held on Monday in Abuja. The summit, which spans three days, carries the theme “Collaborative Action for Growth, Competitiveness, and Stability.”
Nigeria is currently grappling with an inflation rate of 32.15%, driven by the recent removal of fuel subsidies, which has raised transportation and production costs. Additionally, the unification of the foreign exchange market has led to currency fluctuations, further increasing the cost of goods and services, contributing to a rising cost of living.
In his address, Gill noted that continuing these reforms would help reverse the estimated N10 trillion previously enjoyed by elites through fuel subsidies and multiple exchange rates. While acknowledging the difficulty of implementing such changes, he stressed their necessity for long-term economic transformation.
“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 remarked. Despite some resistance from the audience, he reaffirmed, “If these reforms are sustained, Nigeria will transform into an engine of growth in sub-Saharan Africa. The journey will be tough, but the rewards will be significant if we persevere.”