Gill: Nigeria needs to stay reforms course for next 10-15 years

Nigeria has been urged to stay the course of reforms for the next 10 to 15 years in order to achieve economic transformation. Indermit Gill, Chief Economist at the World Bank Group, emphasized the importance of clear communication of government policies, stating that price and policy predictability are essential to drive both domestic and foreign investments. Gill highlighted the need for the government to push the pace on reforms and ensure predictability in prices and policies to attract greater private investment. He noted that the private sector currently has a favorable environment with a competitive exchange rate, but emphasized the importance of clear signaling from the government for sustained investment growth. Reflecting on recent fiscal reforms such as subsidy removal and improved government spending, Gill acknowledged the progress made by the government but stressed the need for better communication of these policies. He emphasized that despite some skepticism, there has been significant progress in various reform areas that need to be effectively communicated to the public. During the 30th Nigerian Economic Summit, Gill's comments on the long-term projection of 10 to 15 years for Nigeria to see the rewards of reforms caused a stir among attendees. However, he clarified that while the country may need a decade or more to make a clean break from the past, the benefits of these policies can be realized much sooner. Gill pointed out that previous reforms in Nigeria resulted in immediate rewards, emphasizing the need for perseverance and consistency in the implementation of reforms for sustained economic growth. In conclusion, Gill's insights shed light on the critical path Nigeria must follow to achieve lasting economic transformation. By staying committed to reforms, effectively communicating policies, and fostering a predictable business environment, Nigeria can attract the necessary investments for sustainable growth and development.