The World Bank Vice President and Chief Economist, Indermit Gill, stated yesterday that the Federal Government should continue its ongoing reforms, even in light of the hardships faced by Nigerians.
Speaking at the opening session of the 30th Nigerian Economic Summit (#NES30) in Abuja, Gill commended the Central Bank of Nigeria (CBN) for unifying exchange rates. He urged the federal government to implement cost-effective safety nets to protect the most vulnerable citizens from the harsh impacts of these reforms.
Gill acknowledged that the current administration’s reforms have created difficulties for many Nigerians, particularly the poor, but emphasized that they are essential for the country’s economic recovery. He asserted that sustaining these reforms is crucial for steering Nigeria’s economy back toward sustainable growth, which could benefit the entire Sub-Saharan Africa region.
“I don’t know if you agree with me or not, but these reforms will transform the economy of Sub-Saharan Africa,” he said. “While it is challenging to implement these changes, the rewards can be significant, as evidenced by lessons learned from the last 40 years in countries like Norway, Poland, and South Korea.”
Gill noted that the reforms undertaken in Nigeria from 2003 to 2007 were necessary but were not sustained, leading to today’s fiscal and monetary challenges. He pointed out that current reforms are impacting ordinary Nigerians, who are struggling with rising food and transportation costs.
“The government must do everything possible to protect its most vulnerable citizens, as their well-being and that of 110 million children depend on it,” he stressed. “It is vital to remain committed to these reforms because the future of Nigeria, and those children, hinges on it.”
Gill outlined three key options for Nigerian policymakers in the coming years, emphasizing the need to prioritize non-oil exports as part of the strategy moving forward.
Written By: Praise Inalegwu