{"id":12446,"date":"2024-10-15T10:17:51","date_gmt":"2024-10-15T10:17:51","guid":{"rendered":"https:\/\/angolanembassy-nga.ao\/?p=12446"},"modified":"2024-10-15T10:17:52","modified_gmt":"2024-10-15T10:17:52","slug":"fg-must-sustain-reforms-in-spite-of-hardship-on-nigerians-world-bank","status":"publish","type":"post","link":"https:\/\/angolanembassy-nga.ao\/?p=12446","title":{"rendered":"FG must sustain reforms in spite of hardship on Nigerians \u2013 World Bank"},"content":{"rendered":"\n

Emma Ujah, Abuja Bureau Chief<\/strong><\/p>\n\n\n\n

The World Bank Vice President and Chief Economist, Mr. Indermit Gill said yesterday that the Federal Government should sustain ongoing reforms despite the hardship on Nigerians.<\/p>\n\n\n\n

While also commending the Central Bank of Nigeria, CBN for the unification of the exchange rates, Gill called on the federal government to provide cost-effective safety nets to protect the most vulnerable people from the hash impact of the reforms.<\/p>\n\n\n\n

He spoke at the opening session of the #NES30# in Abuja, yesterday.<\/p>\n\n\n\n

Mr. Gill admitted that the reforms of the present administration had brought hardship to Nigerians, especially the vulnerable poor but that it was the only way out for the economy.<\/p>\n\n\n\n

To return the nation\u2019s economy to the path of sustainable growth, Gill said Nigeria must sustain the reforms that if allowed would transform the Nigerian economy and that of the entire Sub-Sahara Africa.<\/p>\n\n\n\n

His words, \u201cI don\u2019t know if you agree with me or you don\u2019t agree with me. If he does that it will transform the economy of Sub-Sahara Africa.<\/p>\n\n\n\n

It is very difficult to do these things but the rewards are massive. This is the lesson from the last 40 years as well as countries such as Norway, Poland and Korea.<\/p>\n\n\n\n

\u201cI am going to say something unpopular perhaps, Nigeria\u2019s reforms from 2003 to 2007 were exactly what you needed but they were not sustained. Today\u2019s fiscal and monetary reforms are hurting everyone especially ordinary Nigerians who are struggling with high prices of food and transport.<\/p>\n\n\n\n

\u201cThe government must do everything in its power to protect the most vulnerable citizens against hardships because their lives and the lives 110 million children depend on it.<\/p>\n\n\n\n

\u201cYou must stay the course of the reforms because Nigeria\u2019s future and the future of these 110 million children depend on it. During the coming years, Nigeria\u2019s policymakers have three key options. The first is to prioritise non-oil exports.<\/p>\n\n\n\n

\u201cThe exchange rate that Nigeria now has is the most effective in 20 years.<\/p>\n\n\n\n

It is a great opportunity. You must build foreign reserves as a buffer against oil volatility. Again, I think Governor Cardoso is doing many of these things and I think he should be encouraged.<\/p>\n\n\n\n

\u201cSecond, every vulnerable household needs government support to be able to survive the current difficulties. Install cost-effective safety nets to protect the most vulnerable people. Financing it from some of the savings from fuel subsidies and the exchange rate savings.<\/p>\n\n\n\n

\u201cNigerians\u2019 need for jobs is immense. In the next ten years, more than 12 million Nigerians would enter the workforce. You need to generate jobs for them. You need to attract investments, especially in the non-oil sector.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Emma Ujah, Abuja Bureau Chief The World Bank Vice President and Chief Economist, Mr. Indermit Gill said yesterday that the Federal Government should sustain ongoing reforms despite the hardship on<\/p>\n","protected":false},"author":1,"featured_media":12447,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_rishi_post_view_count":272},"categories":[31],"tags":[],"class_list":["post-12446","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","rishi-post"],"rishi__cb_customizer_meta":"","comments_count":"0","yoast_head":"\nFG must sustain reforms in spite of hardship on Nigerians \u2013 World Bank - Embassy of the Republic of Angola in Nigeria<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/angolanembassy-nga.ao\/?p=12446\" \/>\n<meta property=\"og:locale\" content=\"pt_PT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FG must sustain reforms in spite of hardship on Nigerians \u2013 World Bank - 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