Nigeria Must Maintain Tinubu’s Economic Reforms for 10 to 15 Years to Transform Economy – World Bank VP

Nigeria will need to maintain its current economic reforms over the next 10 to 15 years to position itself as a major global economic player, according to Indermit Gill, Senior Vice President of the World Bank Group. Gill shared this insight during the 30th Nigerian Economic Summit in Abuja, co-organized by the Nigerian Economic Summit Group and the Ministry of Budget and National Planning.

During the three-day event, themed “Collaborative Action for Growth, Competitiveness, and Stability,” Gill emphasized that these reforms are critical for long-term growth and development. Nigeria is currently grappling with economic challenges, including an inflation rate of 32.15%, driven by the removal of fuel subsidies, which has increased transportation and production costs. Additionally, the unification of the foreign exchange market has led to currency fluctuations, contributing to rising costs of goods and services.

In his opening remarks, Gill highlighted the importance of the current administration’s reforms in addressing these challenges. He noted that Nigeria has lost over N10 trillion to fuel subsidies and a fragmented exchange rate system, which primarily benefitted the elite. He stressed that while these reforms are difficult, they are essential for Nigeria’s future stability and progress.

“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. He added that if sustained, these reforms could propel Nigeria to become a growth engine not only for sub-Saharan Africa but for the global economy.

Despite some mixed reactions from the audience, Gill reiterated that the path to economic transformation is challenging but the long-term rewards would be substantial.