World Bank: Nigeria must sustain current reforms for 15 years to transform economy

The World Bank says Nigeria must maintain its current reforms for the next 10 to 15 years to transform its economy.

Indermit Gill, senior vice-president of the World Bank Group, spoke on Monday during the ongoing 30th Nigerian Economic Summit (NES), organised 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 being held in Abuja.

In his welcome address, Gill said the reforms are critical for ensuring long-term growth and enabling Nigeria to compete with other emerging economies in sub-Saharan Africa and globally.

He said the reforms implemented by the current administration must continue to reverse the N10 trillion squandered through petrol subsidy and multiple foreign exchange rates, adding that while implementing the reforms will be challenging, it is essential to persevere.

“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 said.

“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 are massive.”

On May 29, 2023, President Bola Tinubu announced the removal of the petrol subsidy, which has increased transportation and production costs.

Additionally, the Central Bank of Nigeria (CBN) announced the unification of all segments of foreign exchange (FX) markets on June 19.