- There’s light at end of the tunnel, FG assures Nigerians
The World Bank has stated that Nigeria must maintain its ongoing economic reforms for the next 10 to 15 years to establish itself as a leading economic power, not only in sub-Saharan Africa but also on the global stage.
These reforms, according to the bank, are crucial for ensuring sustainable growth and development, allowing Nigeria to compete with other emerging economies worldwide.
The Senior Vice President of the World Bank Group, Indermit Gill, gave this advice during the ongoing 30th Nigerian Economic Summit, organised by the Nigerian Economic Summit Group and the Ministry of Budget and National Planning on Monday in Abuja.
The three-day event is themed “Collaborative Action for Growth, Competitiveness, and Stability.”
Nigeria is currently grappling with a high inflation rate of 32.15 per cent, largely driven by the removal of the fuel subsidy, which has increased transportation and production costs.
Additionally, the unification of the foreign exchange market has led to significant fluctuations in currency value, further increasing the cost of goods and services across the country, contributing to a high cost of living.
In his welcome address, Gill said the reforms implemented by the current administration must continue to reverse the loss of N10 trillion enjoyed by the elite through fuel subsidies and multiple foreign exchange rates.
He noted that while implementing these reforms will be challenging, it is essential to persevere.
Gill stated, “Nigeria will need to stay the course of current economic reforms for at least the next 10 to 15 years to transform its economy.”
After being momentarily interrupted by a negative reaction from the audience, he continued, “I don’t know if you are agreeing or disagreeing with me. If these reforms are sustained, Nigeria will transform its economy and become an engine of growth in sub-Saharan Africa.”
“It is very difficult to implement such reforms, but the rewards will be massive if they are maintained,” he added.
There’s light at end of the tunnel, FG assures Nigerians
Meanwhile, the Federal Government has assured Nigerians of better days ahead as it enacts policies aimed at revamping the nation’s economy.
After coming to power last year, President Bola Tinubu brought in reforms billed as a way to revive the economy and attract foreign investment.
However, Nigerians have seen fuel prices soar and inflation hit a three-decade high since Tinubu ended a fuel subsidy and floated the naira currency.
Speaking at the 30th anniversary of the Nigerian Economic Summit in Abuja, the Minister of Budget and Economic Planning, Atiku Bagudu, assured Nigerians that despite the hardship in the land, there would be light at the end of the tunnel.
“Those are significant pieces of evidence that reforms and investments are working. These governance and institutional reforms have helped to improve our macro-economic performance.
“Our GDP has been enhanced from 2.98 per cent growth in the first quarter of 2024 to 3.19% in quarter two of 2024; inflation is trending downwards while external reserves are improving.
“We seek cooperation and understanding of the broad spectrum of the citizenry as there is indeed light at the end of the tunnel.”
According to the minister, Nigeria’s external trade balance improved slightly in Q2 of 2024 which shows the efficacy of the reforms of the current administration.
Bagudu expressed confidence at the state of the nation’s economy, explaining that it is facing the right direction with decline in inflation among other economic indices.
“What has been achieved is a result of boldness, resilience and collaboration. We need more to compensate for the decades of under-investment and to ensure that we deliver a collaborative, competitive and stable environment,” he stated.
He explained that the summit’s theme, ‘Collaborative action for growth, competitiveness and stability’ reflects the critical imperatives required to sustain the nation’s economic growth and development.
Bagudu explained that the government is making consistent efforts to improve the lives of all Nigerians in line with the renewed hope agenda.
