World Bank urges Nigeria to sustain its current reforms for the next 10 to 15 years to achieve economic transformation.
Gatekeepers News reports that World Bank Group’s Senior Vice-President Indermit Gill, while speaking ongoing 30th Nigerian Economic Summit (NES), organised by the NES Group (NESG), emphasised the importance of these reforms for long-term growth and competitiveness.
The three-day summit, themed “Collaborative Action for Growth, Competitiveness, and Stability,” is being held in Abuja.
Gill noted that continued implementation is crucial to overcome challenges like the N10 trillion lost to petrol subsidy and multiple foreign exchange rates, positioning Nigeria to compete globally.
“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.”
President Bola Tinubu, on May 29, 2023, scrapped Nigeria’s fuel subsidy, leading to higher transportation and production costs.
Shortly after, the Central Bank of Nigeria (CBN) unified the foreign exchange markets on June 19, streamlining the economy.
