- The World Bank noted that Nigeria needs to sustain its economic reforms for the next 10 to 15 years to achieve economic transformation
- Indermit Gill, senior vice-president of the World Bank Group, emphasised that the reforms are critical for sustainable growth and to compete with other emerging economies globally
- Gill also noted the need for continued reforms to recover the N10 trillion lost due to petrol subsidies and varying foreign exchange rates
The World Bank has stated that Nigeria needs to sustain its ongoing reforms for the next 10 to 15 years to achieve economic transformation.
This was disclosed by Indermit Gill, senior vice-president of the World Bank Group, on Monday, October 14 at Abuna during the 30th Nigerian Economic Summit (NES), organised by the NES Group (NESG) in collaboration with the Ministry of Budget and National Planning.
Reforms can turn Nigeria into an engine of growth - Gill
“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 stated.
In his opening remarks, of the three-day summit, themed “Collaborative Action for Growth, Competitiveness, and Stability,” Gill emphasised that these reforms are essential for promoting sustainable growth and positioning Nigeria to compete with other emerging economies both in sub-Saharan Africa and worldwide.
“If these reforms are sustained, Nigeria will transform its economy and become an engine of growth in sub-Saharan Africa.
World Bank stresses need for reforms to recover N10 trillion
Recall that President Bola Tinubu announced the removal of the petrol subsidy on May 29, 2023, resulting in higher costs for transportation and production.
Gill emphasised that the reforms introduced by the current government must continue to address the N10 trillion lost due to petrol subsidies and differing foreign exchange rates, adding that although implementing these reforms will be difficult, perseverance is key.
“It is very difficult to implement such reforms, but the rewards are massive,” Gill added.
Nigeria, World Bank partner to register all land parcels, targets $300 billion untapped capital
Meanwhile, TheRadar earlier reported that Nigeria and the World Bank collaborated to register all land parcels, aiming to unlock $300 billion in untapped capital due to unregistered land.
The National Digital Land Information System (NDLIS) will be developed to facilitate access to land data and increase formal land transactions from 10% to 50% within the next 10 years.