Mr. Indermit Gill has stressed the importance of political determination in carrying out economic reforms in Nigeria.
He also criticised the Nigerian government for using the country’s oil revenues to benefit the wealthy rather than addressing the needs of the wider population.
Speaking at the 30th Nigerian Economic Summit (#NES30), organised by the Nigerian Economic Summit Group (NESG) and the Ministry of Budget and Economic Planning in Abuja on Monday, Gill emphasised the critical role that strong political commitment plays in achieving meaningful reform.
In his speech, he said, “But implementing such far-reaching reforms is impossible without solid political commitment from the top.
“The price of PMS has quadrupled since the subsidy cuts, imposing terrible hardship across the breadth of Nigerian society.
“Nigeria will need to stay the course for at least another 10 to 15 years to transform its economy.
“Today’s fiscal, monetary, and exchange rate reforms are hurting everyone, especially ordinary Nigerians who are struggling with the 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 of Nigeria’s 110 million children depend on it.”
The chairman of NESG, Mr. Olaniyi Yusuf, also addressed the summit, urging the government to focus on institutional changes and cut down the cost of running the government. He called for the implementation of the Steve Oronsaye report, which suggests ways to reduce government spending, and recommended speeding up the privatisation of poorly performing national assets to attract private investment.
“Government must prioritise institutional reforms especially reduction of cost of governance, for instance, by implementing the Oronsaye report and accelerating the privatisation and commercialisation of many under-performing national assets to attract private capital and expertise, and to optimise the usage of our commonwealth for the benefits of all Nigerians,” he said.
Yusuf acknowledged some achievements of the current government, such as the removal of fuel subsidies and changes to the exchange rate system, which helped to double Nigeria’s trade surplus to N12.1 trillion in the first half of 2024. He also highlighted a surge in government revenue, with allocations increasing by 82% from the previous year.
However, Yusuf warned that these gains were being offset by economic instability. The naira had weakened significantly, inflation remained high at 32.2%, and public debt had risen to N121.67 trillion, putting further strain on the economy.
He concluded by emphasising the need for more action to reduce inflation, create jobs, and improve living conditions for Nigerians.