World Bank offers to help improve Nigeria’s economy

Timothy Choji, Abuja

Managing Director of the World Bank, Mrs Sri Indrawati says Nigeria will be supported to overcome the current economic challenges troubling the country.

She made in the pledge at the Presidential Villa Abuja, after meeting with President Muhammadu Buhari.

Mrs Sri Indrawati, who is on an official visit to Nigeria, said the visit would provide an opportunity to better understand Nigeria’s present challenges and how the global body can help ameliorate the situation.

“This is a very short visit but a very productive one and it is a good opportunity for us to discuss with the government of Nigeria to understand the challenge Nigeria’s economy is now facing just like many other countries of the world, currently faced with weak economies, low oil price, climate change and insecurity. These are all the issues that we discussed with President Buhari and we now have a better understanding of the problem,” she said.

Options

She said Nigeria under President Muhammadu Buhari has an opportunity to further succeed, considering his administrations agenda of creating more jobs and addressing security challenges, all with the aim of making life better for Nigerians.

“We see that Nigeria under the leadership of President Buhari has launched the objective of restoring stability and security, creating jobs, eradicating poverty and fighting corruption. This is highly commendable,” the World Bank head said.

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Mrs Indrawati said the Bank also intends to help rebuild the North-East zone of Nigeria that has suffered a lot from the Boko Haram menace.

The World Bank boss said Nigeria needs look at other options of moving her economy forward instead of relying solely on oil.

“We also discussed on the need for the economy to diversify away from oil, whether to raise taxes and many more. We would support those objectives in order for Nigeria to have a healthy stronger and transparent budget, which can be very useful and effective in addressing the issue of poverty and creating a healthier and inclusive growth,” Mrs Indrawati stated.

She commended President Buhari for the kind of attention he is giving to the infrastructure and agricultural sectors.

Before her meeting with President Buhari, the World Bank Managing Director earlier met with Nigeria’s economic team, led by Vice President Yemi Osinbajo.

Her visit is seen by many as a good move.