The World Bank Vice President and Chief Economist, Mr. Indermit Gill, stated yesterday that the Federal Government should maintain ongoing reforms despite the current hardships faced by Nigerians. Speaking at the opening session of the 30th Nigeria Economic Summit (#NES30#) in Abuja, Gill commended the Central Bank of Nigeria (CBN) for the unification of exchange rates but emphasized the need for cost-effective safety nets to protect the most vulnerable populations from the harsh impacts of the reforms.
Gill acknowledged that the current administration’s reforms have resulted in significant challenges for Nigerians, particularly for the economically vulnerable. However, he asserted that these reforms are essential for steering the nation’s economy toward sustainable growth. He remarked, “If allowed, these reforms would transform the Nigerian economy and that of the entire Sub-Saharan Africa.”
He further stated, “It is very difficult to do these things, but the rewards are massive. This is the lesson from the last 40 years, as well as from countries such as Norway, Poland, and Korea.”
Gill pointed out that Nigeria’s previous reforms from 2003 to 2007 were crucial but were not sustained. He acknowledged that the current fiscal and monetary reforms are adversely affecting ordinary Nigerians, who are struggling with rising prices for food and transport.
“The government must do everything in its power to protect the most vulnerable citizens against hardships because their lives and the lives of 110 million children depend on it,” he concluded.
