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Nigeria economy: Buhari gave us mandate to target north -W/Bank

 

The World Bank President, Jim Yong Kim revealed Thursday in an interview with Punch Newspaper reporter that President Muhammadu Buhari gave the bank definite instruction to focus on the north of Nigeria in his economic policy,

As a result, Jim  said that the bank had concentrated on the northern region of Nigeria in line with Buhari’s directive. 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.

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.

 

Source: Punch Newspaper, Nigeria

Photo source: google.images

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7 Comments

  1. Emmanuel Chukwuma Umeh 13th October 2017 at 1:40 pm

    This is in further Global Communities’ confirmation of the President Buhari’s obvious political marginalizations and nepotism activities in NIGERIA, in favour of the Northern NIGERIA against the Southern NIGERIA!

    Very undemocratic, barbaric, uncivilized, uncultured, unpatriotic, and indeed, very unfortunate that Southern NIGERIA have Buhari as NIGERIA President!

  2. Emmanuel Chukwuma Umeh 13th October 2017 at 1:52 pm

    This is in further Global Communities’ confirmation of the President Buhari’s obvious political marginalizations and nepotism activities in NIGERIA, in favour of the Northern NIGERIA against the Southern NIGERIA!

    Very undemocratic, barbaric, uncivilized, uncultured, unpatriotic, and indeed, very unfortunate that Southern NIGERIA have Buhari as NIGERIA President!

    One fact however, remains that President Buhari may out of hatred towards the Southern NIGERIA, especially the South-East and South-South, marginalize them in favour of the North, down the grave, will be more prosperous in every respect in the Global communities!

    He cannot not do his revengeful mission activities against the Southern NIGERIA forever!

    It will be just for few years, and not for eternity!

  3. Emmanuel Chukwuma Umeh 13th October 2017 at 1:58 pm

    This is in further Global Communities’ confirmation of the President Buhari’s obvious political marginalizations and nepotism activities in NIGERIA, in favour of the Northern NIGERIA against the Southern NIGERIA!

    Very undemocratic, barbaric, uncivilized, uncultured, unpatriotic, and indeed, very unfortunate that Southern NIGERIA have Buhari as NIGERIA President!

    One fact however, remains that President Buhari may out of hatred towards the Southern NIGERIA, especially the South-East and South-South, marginalize them in favour of the North, even down to the grave, but the people from the Southern NIGERIA will always be more prosperous in every respect in the Global communities!

    He cannot not do his revengeful mission activities against the Southern NIGERIA forever!

    It will be just for few years, and not for eternity!

    After the dark tunnel of this President Buhari’s administration in NIGERIA, the light of greatness will definitely shine again, especially for the all Well-meaning Nigerians citizenry of all tribes and cultures!

  4. alain 13th October 2017 at 2:17 pm

    How could you have listen to Buhari. The world bank money is not Buhari’s money. It is the over all tax payers money and should be spread across all people of the economy and not only to north. Tribalism has eating World bank launch but thanks to Donald Trump and his remarkable achievements so far. If Trump had being a poor political officer before becoming the US President, Emirs of idiots and illiterate politicians worldwide would have say lets buy him off by given him one of the tall towers in Dubai or in Qatar which was the case of Obama. He was a poor political officer and some useless drug baron under evil governments paid him off the ground to concede many shame arbitration against the people of Israel and Jonathan.

  5. Kele 13th October 2017 at 4:27 pm

    Buhari is an evil and tribal leader. Nigeria does not need an ethnic jingoist like him. Nigeria is too big and vast for such a myopic ruler in 21st century. What a terrible mistake it has been to impose this Fulani jihadist on Nigeria! He should go back to Daura and continue with rearing of his cattle. The man is simply evil and wicked.

  6. chukwudi unabs 13th October 2017 at 4:36 pm

    the bush fowl saw man killing a home fowl and laughed.the dying home fowl told the bush fowl not rejoice because the home is killed us the same way bush fowl will be killed. hegelian dialetics. all hail one nijeria. GOD owns the north and the south and that is all i know.

  7. chukwudi unabs 13th October 2017 at 4:51 pm

    if you are the president what will you do?. if the country breaks to pieces tomorrow as some of you are calling for,where will he live, is it not in north?

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