World Bank Says Nigeria Would Need 15 Years To Transform Her Economy
The World Bank has emphasized that Nigeria must sustain its economic reforms for the next 10-15 years to emerge as a global economic leader. Senior Vice President Indermit Gill made this statement at the 30th Nigerian Economic Summit in Abuja, stressing the importance of reforms for long-term growth and competitiveness.
The World Bank has said that Nigeria must sustain its current economic reforms over the next 10 to 15 years to position itself as a leading global economic power.
The global bank noted that the reforms were vital for ensuring long-term growth and development, enabling Nigeria to compete with other emerging economies across the globe, and not only in sub-Saharan Africa.
Senior Vice President of the World Bank Group, Indermit Gill, spoke during the 30th Nigerian Economic Summit in Abuja, jointly organised by the Nigerian Economic Summit Group and the Ministry of Budget and National Planning, with the theme,
“Collaborative Action for Growth, Competitiveness, and Stability.”
“Collaborative Action for Growth, Competitiveness, and Stability.”
He, was however, negatively interrupted by the audience, who objected to his bitter pills before continuing.
Nigeria is currently facing a high inflation rate of 32.15%, following mainly the removal of fuel subsidy, which has escalated transportation and production costs as well as food prices, just as the
unification of the foreign exchange market had also resulted in significant currency fluctuations.
unification of the foreign exchange market had also resulted in significant currency fluctuations.
However, Gill noted that the Tinubu administration’s reforms were crucial for reversing the N10 trillion lost to fuel subsidies and multiple exchange rates, which benefitted only the elite, adding that although the reforms were difficult to implement, they were necessary for the country’s future growth and stability.
“Nigeria will need to stay the course of current economic reforms for at least the next 10 to 15 years to transform its economy.
“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.
“Nigeria will need to stay the course of current economic reforms for at least the next 10 to 15 years to transform its economy.
“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.
What's Your Reaction?
