The World Bank’s Vice President and Chief Economist, Mr. Indermit Gill, has advised the Nigerian government to persist with its current economic reforms, despite the challenges they pose to Nigerians, especially the most vulnerable.
Speaking at the opening session of the 30th Nigerian Economic Summit (#NES30) in Abuja on Monday, Mr. Gill acknowledged the hardships brought by the reforms but insisted they are necessary for long-term economic recovery.
Commending the Central Bank of Nigeria (CBN) for unifying the country’s exchange rates, Gill emphasized the need for the government to implement cost-effective safety nets to shield vulnerable Nigerians from the harsh impact of these changes.
He noted that while the reforms are difficult, they have the potential to significantly transform not only Nigeria’s economy but also that of Sub-Saharan Africa.
“It is very difficult to do these things, but the rewards are massive,” Gill said. “This is the lesson from the last 40 years, as seen in countries such as Norway, Poland, and Korea.”
He pointed out that Nigeria’s reforms from 2003 to 2007 were the right moves but were not sustained, leading to the current economic challenges.
He urged the government to avoid repeating this mistake and continue on the path of reform, despite the pain being felt by ordinary citizens.
“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 stressed.
Gill also outlined key priorities for Nigeria’s policymakers, including the need to focus on non-oil exports, build foreign reserves to buffer against oil price volatility, and generate jobs for the millions of Nigerians entering the workforce over the next decade.
“Nigerians’ need for jobs is immense. In the next ten years, more than 12 million Nigerians will enter the workforce. You need to generate jobs for them and attract investments, especially in the non-oil sector,” he added.
Gill’s remarks come as the Nigerian government continues to grapple with economic reforms aimed at stabilizing the economy and addressing inflation, food insecurity, and unemployment.