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Vice President of the World Bank, Indermit Gill, has sparked a massive uproar among Nigerians after suggesting that the country stay its course for another ten to fifteen years in order to transform its economic reforms. During the 30th Nigerian Economic Summit held in Abuja on Monday, October 14, 2024, the official mentioned that Nigeria needs to endure the ongoing hardship and suffering to eradicate the deep-rooted structural challenges for long-term growth and development. ...READ THE FULL STORY FROM SOURCE ...READ THE FULL STORY FROM SOURCE
“Implementing such far-reaching reform is impossible without solid political commitment from the top. The price of BMS has quintupled since the subsidy cuts, imposing terrible hardship across the breadth of Nigerian society.
The Central Bank has had to hike its policy rate by a huge 850 basis point, almost nine percentage points in the last nine months to boost confidence in the naira and anchor inflationary expectations.
But the Central Bank’s financing or fiscal deficits have finally ended, and Governor Cardoso has been helping to put Nigeria on the right course. But this is only the beginning. Nigeria will need to stay the course for at least another 10-15 years to transform its economy.
It’s so, I don’t know if you’re agreeing with me or you’re disagreeing. If it does that, it will transform the economy. And it will become an engine of growth in sub-Saharan Africa and help to transform sub-Saharan Africa. Its very difficult to do these things, but the rewards are massive,” he said.
His comment comes amid the economic hardship and suffering facing Nigerians as a result of the harsh policies implemented by President Bola Tinubu since his arrival in office.
While Nigerians bemoan the policies, the World Bank insists that backtracking would have disastrous consequences for the nation’s economic future.
Gil pointed out that the exchange rate regime and the elimination of fuel subsidies are widely viewed as necessary steps to stabilise the economy, reduce the fiscal deficit, and attract foreign investment.
According to the Senior Vice President, despite the hardships, Nigeria must avoid the temptation of short-term fixes.
His comments raised concerns among Nigerians as they took to social media to share their thoughts.
westernnkid: All I heard is we will still suffer 15 years more
empressinteriors1: Stay the course on reforms yet the politicians are still living and earning lavishly.
Let the reforms start with them the masses have endured enough shege.
grace_emmanuel_52: If they are really effecting change as they said, we can be patient with them but the problem is that they want us to keep quiet so they can keep embezzling money and hiding under the umbrella of change. That is how we wasted 8 years with Buhari with the same empty promises.
iamgidiboss: You’re not in our shoe, so you don’t know where it pinches. So Bros, go and sleep peacefully
hrh_stan: Na them dey give Tpain mind to dey run all these policies wey dey take human lives.
shinaayomie: This is consequences for all the money they’ve been borrowing and all the money they’ve been stealing. If we elect bad government all of us will suffer it
hes__precious__: There’s no president that can change Nigeria in one tenure because the country is over spoilt, so if you have chance to leave this country you better leave now and don’t think of coming back.
mrpat4u: Northerners and Yoruba leaders have nothing to offer us except destruction. Since 1960, they have been ruling this country with no improvement. Biafra, I stand forever.”
tochi_lifestyle: T-pain is a disgrace to this generation. I talk am with my full chest
betaproperty_ng: World Bank has never done anything good for any African nation
princeferdy: Citizens will be gone by 10-15yrs of hunger and hardship..….For More READ THE FULL STORY ▶▶
