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Video: Amid unpopular reforms, W’Bank chief insists Nigeria must ‘stay in course’ for 15 years

Published

1 month ago

October 15, 2024

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.

Related Topics:Featured Indermit Gill Nigeria World Bank

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Video: ‘Neglect of Africa is a danger to the world’— Nigeria’s Tinubu at G20

Published

13 hours ago

November 20, 2024

Ifeoluwa Dada

Nigerian President, Bola Tinubu, endorsed the call for a global alliance against hunger in his address at the opening of the 19th Summit of G20 leaders in Rio de Janeiro, Brazil.

Tinubu described the alliance, which was championed by the Brazilian president as pivotal to ending the global food crisis, while emphasizing how Africa is worst by poverty and hunger in the world.

“The neglect of Africa is a danger to the world,” Tinubu stressed while calling for global collaborative action against the problems of the continent.

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Video: Kenya’s Ruto targets inflation rate below 3%

Published

4 weeks ago

October 24, 2024

Ifeoluwa Dada

In this video, Kenyan President, William Ruto, stressed the economic goals of his government and charged the public to believe in the economic reforms of his administration.

Ruto also emphasized that the international community and multilateral bodies had applauded his policy direction, and urged Kenyans to join the train.

“You do have my commitment that we will be disciplined as a public sector… it my target that by next year inflation will be sub 3%”, Ruto said.

Earlier in the month, the Central Bank of Kenya slashed the benchmark rate to 12.0%, 75.0 bps down. The Central Bank’s prescribed target band for headline inflation is 2.5% – 7.5%, 5.0% being the mid-point · The last time Kenya registered <3.0% headline inflation was May 2007

Watch the video below: