Economy

World Bank: FG Must Persevere with Reforms Despite Challenges Facing Nigerians

Written by Jerry Alomatu on October 15, 2024

News Views: 238

The World Bank Vice President and Chief Economist, Mr. Indermit Gill, emphasized on Tuesday that the Federal Government should continue its ongoing reforms despite the hardship faced by Nigerians. Speaking at the #NES30# opening session in Abuja, he commended the Central Bank of Nigeria for unifying exchange rates and urged the government to implement cost-effective safety nets to protect the most vulnerable.

Gill acknowledged that the current reforms have caused significant hardship, particularly for the poor, but stressed, “I don’t know if you agree with me or you don’t agree with me. If he does that it will transform the economy of Sub-Sahara Africa.” He highlighted that past reforms from 2003 to 2007 were crucial but not sustained.

He added, “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.” Gill also outlined key options for policymakers, including prioritizing non-oil exports, building foreign reserves, and providing government support for vulnerable households. He concluded, “Nigerians’ need for jobs is immense. In the next ten years, more than 12 million Nigerians would enter the workforce. You need to generate jobs for them.”