World Bank Warns Nigerian Against Focussing On Oil Sales.
The World Bank President Jim Kim Yong, on Thursday, In his opening remarks at the 2017 annual meeting of the International Monetary Fund (IMF) and the World Bank.
He urged the Nigerian government to rethink its development strategies by investing more on people than focussing its energies on oil sales and other activities that do not engender real growth.
The percentage to GDP that Nigeria spends on education is less than one per cent.
With the challenge in the northern part of the country and the heat on the economy by the drop in oil prices, Nigeria has to think ahead and invest more in its people.
The things that will help the economy to grow rapidly should be what the country has to focus on.
What the country should focus on are the resources of growth for future, not just rely on oil prices.
This is true for most African countries”
Kim’s advice came against the backdrop of a new report in Africa’s Pulse, a bi-annual analysis of the state of African economies conducted by the World Bank which noted that the economic growth in Sub-Saharan Africa was recovering at a modest pace, and projected to peak up to 2.4 per cent in 2017 from 1.3 per cent in 2016, which remains below the April forecast of 2.6 per cent.
Improved global conditions, including rising energy and metal prices and increased capital inflows, have helped support the recovery in regional growth but rather warned that the pace of the recovery remains sluggish and will be insufficient to lift per capita income in 2017, unless governments take steps to invest more in human capital development and other key sectors of the economy, he added.
According to the World Bank chief, it has become imperative for leaders of these economies to make more robust investments to strengthen the slim gains recorded in the global economy after several years of disappointing growth.
Kim said it was on the basis of this that finance ministers and central bankers from over 189 members countries have gathered in Washington DC, to discuss the challenges and opportunities facing the global community.
After several years of disappointing growth, the global economy has begun to accelerate.
Trade is picking up, but investment remains weak. We’re concerned that risks such as a rise in protectionism, policy uncertainty, or possible financial market turbulence could derail this fragile recovery.
Countries would need to build resilience against the overlapping challenges facing the world today, including the effects of climate change, natural disasters, conflict, forced displacement, famine, and disease.
We’re hoping that this project can show heads of state and finance ministers how long-term investments in their people can help grow economies – and create the political space for leaders to make these critical investments.
He stated that over the next year, leading up to the 2018 Annual Meetings in Indonesia, the bank will be working with a wide range of experts in economics, global health, and education to develop the Human Capital Project in various countries including Nigeria, stressing this is one of the latest effort by the World Bank Group to meet rising aspirations all over the world, to truly create equality of opportunity, and build new foundations in the project of human solidarity.
The World Bank President Jim Kim Yong, on Thursday, In his opening remarks at the 2017 annual meeting of the International Monetary Fund (IMF) and the World Bank.
He urged the Nigerian government to rethink its development strategies by investing more on people than focussing its energies on oil sales and other activities that do not engender real growth.
The percentage to GDP that Nigeria spends on education is less than one per cent.
With the challenge in the northern part of the country and the heat on the economy by the drop in oil prices, Nigeria has to think ahead and invest more in its people.
The things that will help the economy to grow rapidly should be what the country has to focus on.
What the country should focus on are the resources of growth for future, not just rely on oil prices.
This is true for most African countries”
Kim’s advice came against the backdrop of a new report in Africa’s Pulse, a bi-annual analysis of the state of African economies conducted by the World Bank which noted that the economic growth in Sub-Saharan Africa was recovering at a modest pace, and projected to peak up to 2.4 per cent in 2017 from 1.3 per cent in 2016, which remains below the April forecast of 2.6 per cent.
Improved global conditions, including rising energy and metal prices and increased capital inflows, have helped support the recovery in regional growth but rather warned that the pace of the recovery remains sluggish and will be insufficient to lift per capita income in 2017, unless governments take steps to invest more in human capital development and other key sectors of the economy, he added.
According to the World Bank chief, it has become imperative for leaders of these economies to make more robust investments to strengthen the slim gains recorded in the global economy after several years of disappointing growth.
Kim said it was on the basis of this that finance ministers and central bankers from over 189 members countries have gathered in Washington DC, to discuss the challenges and opportunities facing the global community.
After several years of disappointing growth, the global economy has begun to accelerate.
Trade is picking up, but investment remains weak. We’re concerned that risks such as a rise in protectionism, policy uncertainty, or possible financial market turbulence could derail this fragile recovery.
Countries would need to build resilience against the overlapping challenges facing the world today, including the effects of climate change, natural disasters, conflict, forced displacement, famine, and disease.
We’re hoping that this project can show heads of state and finance ministers how long-term investments in their people can help grow economies – and create the political space for leaders to make these critical investments.
He stated that over the next year, leading up to the 2018 Annual Meetings in Indonesia, the bank will be working with a wide range of experts in economics, global health, and education to develop the Human Capital Project in various countries including Nigeria, stressing this is one of the latest effort by the World Bank Group to meet rising aspirations all over the world, to truly create equality of opportunity, and build new foundations in the project of human solidarity.
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