Thursday, October 12, 2017

Buhari asked us to focus on northern Nigeria - World Bank President



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 an 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 percent. 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.

PUNCH
Adeola Web Developer

12 comments:

  1. Even if the world bank invest all its fund into the northern part of nigeria.
    1,invest it in education. no state in the north state will become number one in waec result.northern universities will never match southern universities. even the lecturers will fail pry 4 exam because koran teach u to think & write from right to left.
    2, if u construct all the road with Julius bager.the road will not turn herdsmen into learned men.
    3,invest it into agriculture in the north. The price of tomatoes,pepper,onion and other perishable farm produce will never match oil price.
    4, invest it in fulani youth. Few will become herdsmen, the best will join army. majority will become bokoboys.

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    1. You will live long. Buhari is just an unfortunate President to the Nation. Am sure the South Westerners who voted him had learnt their lessions.

      The north cannot be better than the south whether they stay in power for a donkey's years

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  2. Such a pity, the northern nigeria is a failed project.

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  3. Such a pity, a grown ass Man talks with such foolishness!

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    1. Who are you talking about? Hope you mean buhari.

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  5. The world bank is right. You can't just invest in infrastructure and there are no people to operate or maintain them it's wasting money.
    I agree money should go into education. However, let's not forget technical and trade schools. If everyone got a university degree and no one to do the jobs that requires certain technical or trade skill sets, we are back to square.
    Nigeria as a whole and the states should develop a comprehensive plan that creates community that can improve the quality of life and sprout economic development and growth.
    So, Buhari should seek out experts in the of Urban Planning, Civil Engineering etc areas to help develop that plan for the future instead of just asking to shift invest focus.Anyway, that's wishful thinking. It would be nice to see Nigeria make a true shift for economic growth that enables the masses to have better quality of life.

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  6. We can survive without your oil, and you got the oil from the revenue generated by the northern region of this country, so we have everything her that is why most of your people invest her. Secondly the Qur'an is beyond the scope limits of your understanding, it told us past, present and the features. Its the only book without any change or alteration since it was been reaved for over 1439 years. Allah says its my book and I will protect it.

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  8. From the comments I see here I can tell you that there is a very big problem with nigeria.Buhari is right,with all the billions invested in the sole called west or south or East their leaders has stole all and milk them dry

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