World Bank expresses support for Tinubu’s economic reforms

The World Bank Vice President and Chief Economist, Mr. Indermit Gill, has said the current economic reforms being embarked upon by the Federal Government are necessary.

He, however, pleaded with the Federal Government to ensure that safety nets are provided for poor people who sre most affected by the harsh impact of the reforms.

Gill who was speaking at the opening session of the #NES30# in Abuja on Monday, said, “I am going to say something unpopular perhaps, Nigeria’s reforms from 2003 to 2007 were exactly what you needed but they were not sustained. Today’s fiscal and monetary reforms are hurting everyone especially ordinary Nigerians who are struggling with high prices of food and transport.

“The 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.

“You must stay the course of the reforms because Nigeria’s future and the future of these 110 million children depend on it. During the coming years, Nigeria’s policymakers have three key options. The first is to prioritise non-oil exports.

“The exchange rate that Nigeria now has is the most effective in 20 years.

“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.

“Second, 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.

“Nigerians’ 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.”