- Urges Nigerians to Persevere
- Critics: There is too Much Hunger in the Land…
By Kolawole Ojebisi
Reactions have continued to trail the World Bank’s approval of the economic policies of the Tinubu administration.
This is as the International financial institution said that Nigeria must maintain its ongoing economic reforms for the next 10 to 15 years.
The bank stressed that this will enable Nigeria to establish itself as a leading economic power, not only in sub-Saharan Africa but also on the global stage. The Tinubu administration’s 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 the approval 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.”
In his welcome address, Gill said the reforms implemented by the current administration must continue to reverse the loss of N10 trillion enjoyed by the elite through fuel subsidies and multiple foreign exchange rates. He noted that while implementing these reforms will be challenging, it is essential to persevere as the country is on the right path to economic recovery and stability.
Gill stated:”Nigeria will need to stay the course of current economic reforms for at least the next 10 to 15 years to transform its economy.”
After being momentarily interrupted by a negative reaction from the audience, he continued, “I don’t know if you are agreeing or disagreeing with me. If these reforms are sustained, Nigeria will transform its economy and become an engine of growth in sub-Saharan Africa.”
“It is very difficult to implement such reforms, but the rewards will be massive if they are maintained,” he added.
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.
Though Gill’s words were meant to be a piece of advice but Nigerians have taken to social media to express their displeasure at the supposed blueprints provided by the World Bank to get the country out of the woods.
Many expressed their suspicion over any policy promoted or projected by Bretton Woods institutions, they said they such policies destroy rather than build nations.
Here are few of the comments of Nigerians on X and Facebook
“T-pain – Don’t believe anything the World Bank says. I doubt if they actually want to see poor countries grow but unfortunately most poor countries like Nigeria have crazy leaders uncommitted to Nation building. They’re just there to loot and make themselves happy” –Peters Milk
“How many of us will now be left with this hardship”. — Ashifat Abdullahi
“So our suffering will continue for the next 15 years ” — @Yinktem
So World Bank is in conjunction with This Pain?. 🤕🤕🤕😭😭 — @Jemmyj
“Is there any economic reform going on now? What we are experiencing is shege pro max” — Kelechi Torres.
“The owners of Nigeria has spoken and we the Nigerians are in big trouble 🤷” @judejay
“Don’t listen to the World bank, it is controlled by western countries who don’t have our interests at heart, western countries don’t want our development, they want to keep us poor to keep exploiting us
And T-pain is willfully following their orders”. — Harry Shekes Denen.
