By Nigerian Government On The Right Course – World Bank
The World Bank has indicated that Nigeria needs to commit to a transformative economic strategy for the next 15 years. However, such comprehensive reforms require strong political commitment at the highest levels. Following subsidy reductions, the price of Premium Motor Spirit (PMS) has increased fivefold, leading to considerable hardship for many citizens.
According to World Bank, to combat rising inflation and stabilize the naira, the Central Bank has significantly raised its policy rate by 850 basis points—almost nine percentage points—in just nine months. This change signifies the end of central bank support for fiscal deficits, with Governor Cardoso playing a crucial role in steering Nigeria toward a more sustainable economic future.
Nevertheless, this is merely the beginning. For Nigeria to evolve into a growth catalyst for Sub-Saharan Africa, it must persist on this path for at least another decade. While the obstacles are considerable, the potential benefits are vast. Lessons from the past 40 years, along with the experiences of countries like India, Poland, Korea, and Norway, demonstrate that with determination, substantial transformation is achievable.
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