₦airaland Forum

The World Bank has stated that Nigeria must maintain its ongoing economic reforms for the next 10 to 15 years to establish itself as a leading economic power, not only in sub-Saharan Africa but also on the global stage.

These reforms, according to the bank, are crucial for ensuring sustainable growth and development, allowing Nigeria to compete with other emerging economies worldwide.

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 in Abuja.

The three-day event is themed “Collaborative Action for Growth, Competitiveness, and Stability.”

Nigeria is currently grappling with a high inflation rate of 32.15 per cent, 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.

In his welcome address, 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.

He noted that while implementing these reforms will be challenging, it is essential to persevere.

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 being momentarily interrupted by a negative reaction 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.

NwaNimo1:
■ He noted that while implementing these reforms will be challenging, it is essential to persevere.
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 being momentarily interrupted by a negative reaction 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.

Randerl:
Nigeria Must Sustain 15 Years Of Poverty To Solidify Misery

Ironfaceman:
and how will this happen with these rogues

richmond500:
So we are going to suffer for 15more years?

Before then, like 30% of Nigerians would have died of hunger, that's really a small price to pay.

Winks2:
Omor na die we dey o. Can anyone Pls be Merciful unto me? I need 3k pls. I need it. 🙏🙏

richmond500:
So we are going to suffer for 15more years? Before then, like 30% of Nigerians would have died of hunger, that's really a small price to pay.

rexlims:
Which reforms exactly? Loans taken with no visible infrastructures in place to determine productivity.

Forkthiefnubu:
That’s what they said about SAP about privatization and I believe it , look at the results today , in the next fifteen years it will most likely be worse

helinues:
Toh

Kobojunkie:
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The reforms suggested by the World Bank are not the source of your sufferings as you can see in the image below.
Your suffering in Nigeria comes from the fact that you instead have rogues in office attempting to put these necessary reforms in place at the same time ensuring they loot as much as they can from it. 🤔

Many of these policies already exist on paper but they cannot be implemented because the criminals you have as exlected leaders will not see that happen while they are still in power. 🤔

DeLaRue:
Hmm...

I was thinking 5 - 7 years.

The critical thing is going to be the President that succeeds Mr Tinubu.

If that President doesn't keep up with these reforms or reverses them, then all the benefits of the reforms we lost and the consequences could be worse than we are seeing now.

richmond500:
we are saying the same thing. What I am saying is that, before that 15yrs, our population will be like Uganda.