NewsExpress advert FCMB banner Fidelity bank banner NewsExpress advert
Nigeria’s growth excites World Bank

By Rachael Ishaya on 14/05/2018

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 457


 

The World Bank Group has expressed satisfaction with the performance of the Nigerian economy as it continues on the path to growth.

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

According to the statement, the visit was to enable the bank’s management team get a better understanding of Nigeria’s development priorities with a special focus on the energy sector.

The Executive Directors held discussions with the Vice President of Nigeria, the Minister of Finance and Governors of Adamawa, Bauchi, Borno, Gombe, Edo, Lagos, Taraba and Yobe, other senior government officials.

The Directors discussed the security challenges in the Northeast and Middle belt regions and how to achieve development in these challenging environments.

“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,” said

“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,” says World Bank.

According to the statement, the Executive Directors also met with beneficiaries of the World Bank Group supported projects in agriculture, education, health, youth employment, community development, soil erosion and public financial management.

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

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.

In Lagos, the delegation visited microfinance clients, 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 emphasised the importance of Nigeria to the sub-region and therefore the country’s central role in its regional strategy for Sub-Saharan Africa.

It will be recalled that Nigeria has been one of IFC’s fastest growing portfolios and represents IFC’s fifth largest global country exposure, with a committed volume of 1.6 billion dollars.

Also, Nigeria is MIGA’s fifth largest country exposure in Sub-Saharan Africa, with current exposure of 334 million dollars.

The Nigeria Country Partnership Strategy extending to 2019 has an investment of 8.8 billion dollars through the International Development Association (IDA) and International Bank for Reconstruction and Development (IBRD). (NAN)

Source News Express

Posted 14/05/2018 6:20:10 PM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

 

You may also like...
Lagos apprehends woman using infant twins to beg...

Maritime safety and security our priority — NIMASA...

Suspension: Amaechi fights back, says ‘PDP unfair to...

Pastor commits suicide In Kaduna

NMA calls on President Buhari to look into...

You must work for your pay, Kogi tells...

FG will improve security, fight corruption, create jobs,...

Kenyan youths winning elections, Nigerian mates daydreaming, By...

Bayelsa Govt. wages war against absentee workers, payroll...

Presidency reacts to Mubi massacre, says no cause...

Toys ‘R’ Us goes bankrupt, prepares to close...

8th Oyo Assembly passes first bill

 

Latest News Buhari makes 4 new appointments Killings: Soyinka warns against genocide, asks international community to intervene Reps to issue arrest warrant for embattled NEMA boss over alleged N5.6bn fraud Imo APC crisis: Okorocha, Buhari meet again Lebanese, 16 others arrested over alleged illegal mining deal Buhari to receive 2018 Budget today — Saraki Standard Gauge: Laying of tracks starts fully in Lagos by June — Amaechi CBN injects another $100m into Forex market •Vows to get tough with erring banks Anambra signs N9bn erosion control contract Stanbic IBTC Bank leads in cash management and trade finance African Development Bank delivers strong operational results NiMet predicts cloudy skies, heavy rains on Friday

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (345,675 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (342,492 views) Shameless Genevieve Nnaji exposes breasts in public (273,779 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (225,089 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (205,423 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (203,126 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (177,231 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (159,508 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (150,400 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (143,742 views) Lagos plane crash: Journalist releases victims’ names (140,222 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (132,622 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (42) Business & Economy (3,159) Business Verdict (43) Columnists (856) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (498) Features (598) Global Business Monitor (274) International (1,971) Interview (149) Live Commentary (28) Love Matters (120) News (35,579) Opinion (969) Pidgin (10) Politics (5,063) Religion (745) Sports (1,517) Stock Watch (29) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Boko Haram commanders surrender

 

APO Group Partner

 

 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement