What do you believe is the single most important factor driving up the cost of living in Nigeria?

Nigeria’s path to economic transformation hinges on its ability to sustain critical reforms for at least 15 years, Indermit Gill, senior vice-president of the World Bank Group, has said.

Speaking Monday at the 30th Nigerian Economic Summit in Abuja, the official underscored the need for consistent political will and policy implementation to address the country’s deep-rooted structural challenges, which continue to hinder long-term growth and development.

“There is no shortcut to economic transformation. Nigeria must stay the course for another 10 to 15 years of focused reforms. The difficult decisions taken today will not yield immediate results, but they will set the foundation for a more prosperous and stable Nigeria,” he said.

The warning comes amid mounting public discontent following the removal of petrol subsidies and the unification of the country’s multiple exchange rates.

While these reforms have triggered inflationary pressures and exacerbated the cost of living for many Nigerians, the World Bank official insisted that backtracking would have disastrous consequences for the nation’s economic future.

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