Nigeria must sustain current reforms for 15 years to survive – World Bank

Our reporter/ The World Bank on Monday said Nigeria must maintain its current reforms for the next 10 to 15 years to transform its economy.

The senior vice-president of the World Bank Group, Indermit Gill made the disclosure 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.

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

The reforms implemented by the current administration, he said, 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.”