Current economic reforms difficult, but rewards massive, World Bank on hardship in Nigeria

The World Bank has disclosed that the current economic reforms like the floating of naira, subsidy removal among others being enacted by the Nigerian government must be maintained for the next 10 to 15 years to transform its economy.

This is even as the Bretton Wood institution admitted it is very difficult to implement such reforms, but the rewards are massive if sustained,

Indermit Gill, senior vice-president of the World Bank Group, made this known 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.

READ ALSO: World Bank backs Nigeria’s $750M electrification plan for rural communities

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.”

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