World Bank will provide technical support to Nigeria to boost economic growth
Mr Hafez Ghanem, Vice President for Africa’s World Bank gave this indication during the discussion with the Minister of Budget and National Planning, Udo Udoma.
Nigeria has one of the world’s highest economic growth rates with an averaging 7.4 percent, according to the World Bank report 2014. Despite these numbers, poverty remains significant at 33.1 percent in Africa’s biggest economy. A country with such a huge amount of resources, the level of poverty is nearly unacceptable.
Mr. Hafez Ghanem, Vice President for Africa’s World Bank gave this indication during the discussion with the Minister of Budget and National Planning, Udo Udoma.
Udoma said that the bank is willing to provide technical support for Nigeria in the areas of Economic Recovery and Growth Plan mid-term review, power sector reform etc. It is also inbound to provide technical support for ERPG delivery, performance tracking, capacity building.
Udoma was also of the view that if the Vice President could provide a special session during the forthcoming International Monetary Fund Meetings in Indonesia to enable Nigerian representatives to speak about the ERGP then it would be very beneficial as it will result in the attraction of a large number of investors to the nation provided by growth and development to the region.
The minister of the state budget and national planning, Zainab Ahmed appreciated the Banks effort in willing to provide a helping hand to help Nigeria grow and also asked for special support in the management of Nigeria’s growing population and inclusive growth.
According to her if Nigeria succeeds in the achieving SDG goals then it will also amount to a huge contribution to the continent.
Meanwhile, the federal government has also asked for the support of the world to accelerate the reforms in the power sector. She said the need to accelerate the reforms in the nation will be a huge boost in the economy and is the top priority of the federal government.