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, the United Nations Secretary-General, Antonio Guterres, reacts in commemoration of the day for South-south cooperation in global relations.

He stressed that only through cooperation could developing countries, a category to which many African countries belong, secure multilateral support and realize shared prosperity.

The cooperation refers to an exchange of expertise between governments, organizations and individuals in developing nations. Through this model, the developing countries help and support each other with knowledge, technical assistance, and/or investments.

Watch the video below: