The World Bank has emphasized that Nigeria must sustain its ongoing economic reforms for the next 10 to 15 years to position itself as a leading economic power in sub-Saharan Africa and globally.

According to the bank, these reforms are essential for achieving sustainable growth and enabling Nigeria to compete with other emerging economies.

Indermit Gill, Senior Vice President of the World Bank Group, delivered this message during the 30th Nigerian Economic Summit, organized by the Nigerian Economic Summit Group and the Ministry of Budget and National Planning in Abuja on Monday. The three-day summit is themed “Collaborative Action for Growth, Competitiveness, and Stability.”

Nigeria is currently facing a high inflation rate of 32.15%, primarily driven by the removal of the fuel subsidy, which has raised transportation and production costs. The recent unification of the foreign exchange market has also resulted in significant currency fluctuations, further escalating the cost of goods and services and contributing to a rising cost of living.

In his opening remarks, Gill stressed that the reforms initiated by the current administration are crucial to reversing the N10 trillion loss experienced by the elite due to fuel subsidies and multiple exchange rates. He acknowledged the challenges of implementing these reforms but underscored the necessity of persistence.

“Nigeria needs to stay the course of its current economic reforms for at least the next 10 to 15 years to transform its economy,” Gill stated.

After a brief interruption from the audience, he added, “I’m not sure if you agree or disagree. However, if these reforms are sustained, Nigeria can transform its economy and become a key engine of growth in sub-Saharan Africa. While these reforms are difficult to execute, the potential rewards are significant.”