The World Bank has urged Nigeria to maintain its current economic reforms for the next 10 to 15 years to position itself as a key economic force in sub-Saharan Africa and beyond.

Speaking at the 30th Nigerian Economic Summit in Abuja on October 14, the Senior Vice President of the World Bank Group, Indermit Gill, stressed that these reforms are critical for achieving sustainable growth and enabling Nigeria to compete with other emerging economies globally.

Gill acknowledged the hardships the reforms have caused, particularly for vulnerable Nigerians, but insisted that they are essential for long-term recovery. “Nigeria will need to stay the course of current economic reforms for at least the next 10 to 15 years to transform its economy,” he said.
He pointed to examples from countries like Norway, Poland, and South Korea, emphasizing that while implementing such reforms is difficult, the long-term rewards are significant.

Gill also noted that past reforms in Nigeria, particularly between 2003 and 2007, were not sustained, leading to missed opportunities. He emphasized that today’s fiscal and monetary adjustments are affecting everyone, with rising food and transportation costs hitting ordinary Nigerians the hardest.
The World Bank urged the government to prioritize support for the most vulnerable citizens, warning that the well-being of millions, including 110 million children, depends on effective economic management and targeted interventions to mitigate hardship.