Despite the difficulties facing Nigerians, the Federal Government should continue its reforms, according to remarks made yesterday by Mr. Indermit Gill, the World Bank’s Vice President and Chief Economist.
Gill praised the Central Bank of Nigeria (CBN) for bringing the exchange rates together and urged the federal government to offer affordable safety nets to shield the most needy from the harsh effects of the changes.
He gave a speech yesterday at the #NES30# inaugural session in Abuja.
Mr. Gill acknowledged that the current administration’s changes had hurt Nigerians, particularly the weaker members of the poor, but he insisted that they were the only solution for the country’s economy.
Gill stated that Nigeria must continue the reforms that, if permitted, will revolutionize both the Nigerian and Sub-Saharan African economies in order to put the country’s economy back on the path of sustainable growth.
His statement was, “I’m not sure if you agree with me or not. His actions will revolutionize Sub-Saharan Africa’s economy.
Although doing these tasks is extremely challenging, the rewards are enormous. This is the takeaway from the past four decades as well as from nations like Korea, Poland, and Norway.
“I may not be popular, but Nigeria’s 2003–2007 reforms were exactly what you needed, but they weren’t maintained. Everyone is suffering as a result of today’s monetary and fiscal reforms, but poor Nigerians are particularly hard hit by the high cost of transportation and food.
The lives of 110 million children and the most vulnerable citizens depend on the government doing everything within its power to shield them from adversity.
Nigeria’s future and the future of these 110 million children depend on you continuing with the changes. Nigerian policymakers have three main choices for the upcoming years. The first is to give exports other than oil priority.
“Nigeria’s current exchange rate is the most efficient in 20 years.
This is a fantastic chance. To protect yourself from oil volatility, you need to increase your foreign reserves. Once more, I believe Governor Cardoso is doing a lot of these things, and I believe he deserves support.
Second, in order for any vulnerable household to weather the current challenges, government assistance is required. To safeguard the most vulnerable, install affordable safety nets. funding it with a portion of the exchange rate and fuel subsidy savings.
Nigerians are in dire need of employment. Over 12 million Nigerians would join the labor force in the ensuing decade. For them, you must create jobs. You must draw in investments, particularly in the non-oil industry.
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