World Bank: Nigeria Needs 10-15 Years of Reforms to Transform Economy

The World Bank has stated that Nigeria must continue its current economic reforms for the next 10 to 15 years to achieve significant transformation.

Indermit Gill, Senior Vice-President of the World Bank Group, shared this view on Monday during the 30th Nigerian Economic Summit (NES) in Abuja. The summit, titled “Collaborative Action for Growth, Competitiveness, and Stability,” is organized by the Nigerian Economic Summit Group (NESG) and the Ministry of Budget and National Planning.

Gill highlighted the importance of Nigeria’s ongoing reforms, saying they are key to driving long-term growth and helping the country compete with other emerging economies in Africa and globally. He emphasized that the reforms introduced by the current administration, such as removing the petrol subsidy and unifying the foreign exchange markets, must continue to reverse past economic setbacks.

"Nigeria needs to maintain these reforms for the next 10 to 15 years to transform its economy," Gill said, acknowledging the difficulty of such changes but emphasizing the long-term benefits.

He added that with sustained efforts, Nigeria could become a leading engine of growth in sub-Saharan Africa.

The reforms, including the removal of the petrol subsidy by President Bola Tinubu on May 29, 2023, have led to increased transportation and production costs, while the Central Bank of Nigeria (CBN) unified the foreign exchange markets in June 2023. These steps are seen as crucial for economic stability and growth.