Nigerias ongoing economic reforms could yield massive rewards for the nation if seen through to the end, says Indermit Gill, World Banks Chief Economist.
Speaking at the just concluded Nigerian Economic Summit Group annual gathering in Abuja, Gill argued that policy measures such as cutting fuel subsidies and floating the Naira are starting to make Nigerias economy more appealing to investors.
The nairas real exchange rate is at its most competitive in at least 20 years, Gill told the audience, adding that Nigerias exchange rate regime presents a great opportunity for the private sector.
He said that the steep devaluation of the Naira provides the nation with an opportunity to expand its non-oil exports and steer the economy towards long-term recovery and growth.
Stay the courseGill cautioned that, when it comes to implementing difficult economic reforms, half measures dont suffice. It is therefore crucial for Nigerias government to sustain the momentum of the ongoing reforms to fully realise their benefits, he argued.
