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.”
It would be noted that 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.
