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FG must sustain reforms amidst Nigerians’ struggles – World Bank

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World Bank Vice President and Chief Economist, Indermit Gill, has called on the Nigerian government to maintain its current economic reforms despite the hardship they are causing for citizens. Speaking at the Nigeria Economic Summit in Abuja, Gill acknowledged the difficulties facing ordinary Nigerians but emphasized that these reforms are the only path to sustainable economic growth.

Gill commended the Central Bank of Nigeria for unifying exchange rates, noting that it presents a golden opportunity for economic stabilization. However, he urged the government to introduce cost-effective safety nets to protect the most vulnerable from the harsh effects of these changes. According to him, the reforms, if sustained, could transform not just Nigeria’s economy but also Sub-Saharan Africa’s.

He warned that while the current fiscal and monetary policies are painful, abandoning them would be detrimental. Citing examples from Norway, Poland, and Korea, he stressed the importance of staying the course and advised policymakers to prioritize non-oil exports, job creation, and building foreign reserves to mitigate oil market volatility.

Gill urged swift action, noting that over 12 million Nigerians will enter the workforce in the next decade. He called for urgent investment in the non-oil sector and reallocation of savings from fuel subsidies to support vulnerable households during this transition.