The President of the World Bank Group, Jim Yong Kim, said on Thursday that the bank had concentrated on the northern region of Nigeria in line with President Muhammadu Buhari’s request.
Kim and the Managing Director, International Monetary Fund, Christine Lagarde, who spoke at separate press conferences in Washington DC, United States, also advised Buhari to invest in things that would enhance economic growth.
Kim said, “You know, in my very first meeting with President Buhari he said specifically that he would like us to shift our focus to the northern region of Nigeria and we’ve done that. Now, it has been very difficult. The work there has been very difficult.
“I think Nigeria, of course, has suffered from the dropping oil prices. I think things are just now getting better. But the conversation we need to have with Nigeria, I think, is in many ways related to the theme that I brought to the table just this past week, which is investment in human capital. The percentage of the Gross Domestic Product that Nigeria spends on healthcare is less than one percent.”
He added, “Despite that, there is so much turbulence in the northern part of the country, and there is the hit that was taken from the drop in the oil prices. Nigeria has to think ahead and invest in its people. Investing in the things that will allow Nigeria to be a thriving, rapidly growing economy in the future is what the country has to focus on right now.”
Kim also said, “Focusing on the northern part of Nigeria, we hope that as commodity prices stabilise and oil prices come back up, the economy will grow a bit more. But very, very much important is the need to focus on what the drivers of growth in the future will be.”
According to the World Bank boss, the bank will invest in human capital in other parts of Africa in order to prepare the continent for the next phase of growth.
Lagarde, in her remarks, said Sub-Saharan African countries, including Nigeria, had posted suboptimal growth in recent times.
The growth figures, she said, were far too small considering the huge demographic potential of Nigeria and other countries in the region.
As a result, she said the IMF would be engaging ministers of finance and central bank governors from the region attending the annual World Bank and IMF meetings on how they could boost and stabilise economic growth.
Lagarde said, “The Sub-Saharan Africa is one region of the world where growth is suboptimal. Those countries grow at an average growth of 2.5 per cent. That is too low for the demographic expansion of the region.”
The IMF managing director said emerging and developing economies must invest more in their economies through infrastructural spending, strengthening safety nets, allowing women more access to the labour market and carrying structural reforms.
Latest Nigeria News
- Aruna wins ITTF 2018 Nigeria Open
- Bayelsa State league draws completed
- FIFA to Ban Nigeria on August 20
- Ahmed Musa nets winner for Al Nassr on his debut in Saudi Arabia
- London, Turkey trips awaits fresh players —Waheed
- FIFA to ban Ghana over government court case against GFA
- U-18,U-20 male handball emerged winner
- Ghanaian undercover journalist Anas ,colleagues escape lynching in Malawi
- We are disappointed, but this game will help us grow —Cech
- Only NFF recognized by CAF,FIFA can sack me —Sanusi insists
- Barca’s Bartomeu leaves door Open to Pogba signing
- Rising Tension in Presidency: Uncertainty over National Assembly reconvening to consider INEC Budget
- Minister Dalung: A Huge Disservice to the Sports Industry
- Messi sets new Barca Trophy record
- Defection trauma: Akpabio battles for survival
- Breaking: Police boss overhauls SARS
- Touching Story Of 25yrs Old Man Trapped In A Little Child's Body
- APC Accuses Saraki & Dogara Of 'Treason' Over Refusal To Open National Assembly
- Beautiful Lady Killed, Unclad Body Dumped By Roadside (Graphic)
- OPM Church Completes 6th Free School (Photos)
- Experts predict future drop in demand for petrol, diesel
- Nigerians to witness more darkness as power drops
- Presidency Attacks Saraki Over Meeting With Obasanjo
- Dismissed Nigerian Policeman 'Infects Lover, 5 Others With HIV'
- Female Senator Nominated As Replacement For Akpabio
- Dismissed Soldier Arrested For Hijacking Tanker With 45,000 Litres Of Diesel In Lagos
- Drama As Couple Get Married Inside A Flooded Church (Photo)
- BREAKING: Osinbajo Orders Immediate Overhaul Of SARS
- Lagos now third worst city to live
- Senators sue AGF, others over ‘plot’ to sack Saraki
- Saraki playing with high treason, says APC
- Lady Reveals How Her Bike Man Set Her Up For Robbery In Lagos
- Landlord Used "Juju" To Tie Tenants' Destiny In Lagos
- 37 NYSC Members Involved In Accident After Leaving Camp
- Kwankwaso Visits Governor Wike In Rivers (Photos)
- Driver R*pes Big Politician's Daughter, Gets Her Pregnant
- 2019: PDP accuses INEC of deadly silence over PVCs allegedly found at Daura’s home
- Female Professor S*xually Harassed A Male Student (Photos)
- 2019: Buhari Declines Assent To Electoral Act Amendment Bill
- Woman Who Left Her Husband Bathed With Acid By Young Lover (Graphic Photos)