In this video, Indermit Gill, the Vice President and Treasurer of the World Bank who also serves as the Pension Finance Administrator of the World Bank Group, at an event in Abuja, Nigeria’s capital, commended the recent fiscal and monetary reform policies of the government.

He noted that implementing such reforms was impossible without strong resolve from the political class. He also commended the central bank’s decision to raise interest rate.

The central bank has had to hike its policy rate by a huge 850 points in the last 9 months to boost confidence in the Naira and anchor inflationary expectations.

“But this is only the beginning, Nigeria will need to stay the course for at least another 10 to 15 years to transform its economy,” the World Bank chief stressed.

Gill’s remark brings to mind the age-long argument on the actual interest of multilateral bodies in their engagements with developing countries, largely African states, whether through loans or policy framework. Some have argued that the institutions are only bent on impoverishing the continent through policy positions like the removal of subsidy and the devaluation of currencies, both of which Nigeria under the current administration has done under two years— leading to unprecedented inflation rate and soaring cost of living.

In this video, South African President, Cyril Ramaphosa, during his speech at the just-concluded General Assembly of the United Nations, reiterated the call for a reform in the structure of the international organization’s highest organ.

Ramaphosa called for African representation in the council, stressing the point of inclusiveness which is central to a democratic structure which the UN ought to represent.

“The UN Security Council should be a more representative body and inclusive, 78 years after its formation the structure of the UN remains unchanged… the UN sc must be reformed as a matter of urgency” Ramaphosa said.

The Security Council is tasked with maintaining international peace and security and has the power to impose sanctions, impose weapons embargoes, and use force.

When the UN was founded in 1945, there were eleven members of the Security Council. Five permanent veto-wielding nations (the US, Britain, China, Russia, and France) and 10 elected governments for two-year terms made up the membership, which increased to fifteen in 1965.