The World Bank says that Nigeria must maintain its current ‘economic reforms’ for the next 10 to 15 years to reclaim dominance not just in Africa but the world.
The Senior Vice President of the World Bank Group, Indermit Gill, gave this advice during the ongoing 30th Nigerian Economic Summit, organised by the Nigerian Economic Summit Group and the Ministry of Budget and National Planning on Monday, October 14 in Abuja.The advice from the World Bank comes as Nigeria battles a high inflation rate of 32.15 per cent, driven by the removal of the fuel subsidy, which has increased transportation and production costs.Also, the unification of the foreign exchange market has led to an increase in the cost of goods and services across the country, contributing to a high cost of living but Gill said the reforms implemented by the current administration must continue to reverse the loss of N10 trillion enjoyed by the elite through fuel subsidies and multiple foreign exchange rates.
Gill stated, “Nigeria will need to stay the course of current economic reforms for at least the next 10 to 15 years to transform its economy.”After he was halted by negative jeers from the audience, he continued, “I don’t know if you are agreeing or disagreeing with me. If these reforms are sustained, Nigeria will transform its economy and become an engine of growth in sub-Saharan Africa.”
“It is very difficult to implement such reforms, but the rewards will be massive if they are maintained,” he added.
