Nigeria must sustain 15 years of reforms to ensure impact — World Bank

The World Bank has emphasized the necessity for Nigeria to uphold its current economic reforms for the next decade or more to establish itself as a prominent economic force, not only in sub-Saharan Africa but also globally. These reforms are deemed essential for fostering sustainable growth and development, enabling Nigeria to effectively compete with other emerging economies worldwide. During the 30th Nigerian Economic Summit held in Abuja, the Senior Vice President of the World Bank Group, Indermit Gill, stressed the importance of continuing these reforms. The ongoing economic challenges facing Nigeria, such as high inflation rates and currency fluctuations, highlight the urgency of sustaining these reform efforts. Gill underscored the need to persist with the reforms initiated by the current administration to counteract financial losses and drive economic transformation. Despite acknowledging the difficulty of implementing such changes, Gill expressed optimism about Nigeria’s potential to become a key economic player in sub-Saharan Africa. He emphasized that while the road ahead may be challenging, the long-term benefits of maintaining these reforms will be substantial.