World Bank Urges Nigeria to Sustain Economic Reforms Despite Hardships

World Bank Vice President and Chief Economist, Indermit Gill, urged the Nigerian government to persist with its ongoing economic reforms despite the difficulties they are causing for citizens. Speaking at the opening session of the Nigerian Economic Summit (NES30) in Abuja, Gill emphasized that although the reforms are tough, they are essential for the country’s economic recovery.

He praised the Central Bank of Nigeria (CBN) for unifying exchange rates but stressed the need for cost-effective safety nets to protect the most vulnerable Nigerians from the negative impacts of these reforms. According to Gill, the economic policies currently in place, if maintained, have the potential to transform not only Nigeria's economy but also that of Sub-Saharan Africa.

He acknowledged that many Nigerians, particularly the poor, are struggling due to rising food and transport costs but insisted that the country must stay the course for long-term benefits. Gill also highlighted that from 2003 to 2007, Nigeria implemented reforms that were crucial but failed to sustain them.

He added that in the next decade, over 12 million Nigerians will enter the workforce, making it critical for the government to create jobs, especially in non-oil sectors, and attract investments. Furthermore, he emphasized the importance of building foreign reserves as a buffer against oil market volatility and urged the government to finance safety nets from the savings made by ending fuel subsidies and exchange rate reforms.