The World Bank's Vice President and Chief Economist, Mr. Indermit Gill, emphasized the need for the Federal Government of Nigeria to continue its ongoing reforms, despite the hardships faced by many citizens.
Speaking at the opening session of the 30th Nigerian Economic Summit (#NES30#) in Abuja, Gill acknowledged the challenges that these reforms have posed, particularly for vulnerable populations, but insisted they are essential for economic recovery.
Gill commended the Central Bank of Nigeria (CBN) for its efforts in unifying exchange rates and urged the government to implement cost-effective safety nets to protect the most vulnerable citizens from the adverse effects of these reforms.
He stated that while the current administration's policies have indeed brought about difficulties, they are necessary steps towards stabilizing and transforming Nigeria’s economy.
“The reforms are difficult but necessary,” Gill remarked. “If sustained, they could significantly transform not just Nigeria’s economy but also that of Sub-Saharan Africa.” He cited examples from countries like Norway, Poland, and South Korea to illustrate how similar reforms have yielded substantial rewards over time.
Gill pointed out that past reforms in Nigeria between 2003 and 2007 were beneficial but were not maintained, leading to current economic challenges.
He stressed that protecting vulnerable the population is crucial, as their well-being directly impacts millions of children across the country.
He outlined three key priorities for Nigerian policymakers: focusing on non-oil exports, building foreign reserves as a buffer against oil market volatility, and providing essential support to vulnerable households.
Gill noted that with over 12 million Nigerians expected to enter the workforce in the next decade, job creation must be a priority to meet this growing demand.
