We are impressed by Nigeria’s growth- World Bank

The World Bank Group has expressed its satisfaction with the performance and growth recorded in the Nigerian economy since it emerged from recession.

The bank made the commendation on Monday in a statement issued after the conclusion of a visit to Nigeria by 10 Executive Directors of the bank from May 9 to 12.

A World Bank Mission, comprising of 10 Executive Directors, had visited Nigeria last week Wednesday to hold a high-level discussion with Vice President Yemi Osinbajo, Finance Minister Kemi Adeosun, Governor of Adamawa Bauchi, Borno, Gombe, Edo, Lagos, Taraba and Yobe, and other senior government officials.

According to the statement, the visit was to enable the bank’s management team gather better information on the nation’s economy and priorities of the government with particular focus on the energy sector.

The delegation expressed concern over the security challenges in the Northeast and Middle belt regions of the country and discussed ways to achieve development in these regions.

“Our visit to Nigeria was to get a better understanding of the country, assess the World Bank’s interventions on the ground, and support opportunities that will keep the country on a path of sustained development.

“We commend Nigeria’s implementation of its new Economic Growth and Recovery Plan (EGRP) and the Power Sector Recovery Plan (PSRP), both of which are important for regional integration.

“It will also ensure trade and capital flows, which will ultimately lead to greater growth,” the statement read,

Meanwhile, the World Bank Mission met with beneficiaries of the World Bank Group supported projects in Agriculture, Education, Health, youth employment, community development, soil erosion and public financial management.

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Similarly, they met with representatives of the private sector, civil society organisations, diplomatic missions and development partners.

Accoridng to the statement, the group also visited the newly commissioned Edo Power Plant in Benin City, which was a key project in the government’s power sector reform agenda and is supported by three arms of the World Bank Group.

The three arms are; the International Finance Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA) and the World Bank.

Consequently, the delegation was in Lagos to visit microfinance clients, who are mostly women, to gain an understanding of how the funds they had received impacted their livelihoods.

“They also had an interactive meeting with private sector executives, which highlighted the need to sustain business reforms and provide affordable and reliable power to improve the living standards of all Nigerians.

“The Executive Directors observed that Nigeria continues to implement institutional policy reforms for restoring macroeconomic resilience and growth across sectors with support from the World Bank Group.

“They reiterated the World Bank Group’s commitment to supporting Nigeria’s growth in a way that is inclusive, job enhancing, and reduces poverty and inequality.

“Critical to this inclusive growth objective is reforming the power sector, boosting critical investments in human development, and mobilising finance for development by creating a conducive environment for private sector participation,” the bank said.

The bank also reiterated Nigeria’s importance to Africa’s Sub-Saharan region and its vital role in the bank’s regional strategy for region.

 

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