Nigeria Must Sustain Economic Reforms for 10-15 Years to Achieve Global Competitiveness
Nigeria is on the path to becoming a leading economic power, if it continues to implement its current economic reforms for the next 10 to 15 years, according to the World Bank. The Senior Vice President of the World Bank Group, Indermit Gill, made this crucial suggestion during the ongoing 30th Nigerian Economic Summit, which kicked off in Abuja on Monday.
Gill emphasized that these reforms are crucial for ensuring sustainable growth and development, enabling Nigeria to compete with other emerging economies worldwide. He acknowledged that implementing these reforms will be challenging, but the rewards will be massive if they are maintained.
Nigeria is currently grappling with a high inflation rate of 32.15%, largely driven by the removal of the fuel subsidy, which has increased transportation and production costs. Additionally, the unification of the foreign exchange market has led to significant fluctuations in currency value, further increasing the cost of goods and services across the country, contributing to a high cost of living.
Gill urged the current administration to continue reversing the loss of N10 trillion enjoyed by the elite through fuel subsidies and multiple foreign exchange rates. He urged perseverance, stating that Nigeria will need to stay the course of current economic reforms for at least the next 10 to 15 years to transform its economy.
The three-day event, themed “Collaborative Action for Growth, Competitiveness, and Stability”, brought together stakeholders from across the nation to discuss strategies for driving growth, competitiveness, and stability in the economy. The event is organized by the Nigerian Economic Summit Group and the Ministry of Budget and National Planning.
As the world watches, Nigeria’s journey towards economic growth and development continues to unfold. With the World Bank’s guidance, the nation is poised to transform its economy and become an engine of growth in sub-Saharan Africa, if it can maintain the momentum of its ongoing reforms.