Fidelity bank banner Bayelsa State banner
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: 612


 

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

 

You may also like...
Lagos polls: PDP faction strikes deal with Labour...

Nwodo using Ohanaeze presidency to feather his political...

Veteran journalist down with stroke pleads for urgent...

50 soldiers reportedly die in pursuit of Niger...

Nigerian Army inaugurates locally made Patrol Vehicles

Anambra, abx world partner on $150m export facility...

‘APC govt more interested in humiliating PDP than...

LAUTECH students protest long closure of institution

Gunmen kill 37 in fresh Kaduna attack

‘Heavy toll’ feared after Boko Haram attacks Niger...

Security: FG to deploy more personnel, operational vehicles...

El-Rufai berates PDP over state of origin controversy...

 

Latest News Boko Haram survivor bags degree in USA, as Leah Sharibu marks six months captivity Abuja building collapse: Bodies of mother, child, other recovered from site Defection: Saraki replies Tinubu Tragedy in Asaba as man kills two younger brothers Gully erosion cuts off major road linking Onitsha and environs Catholic Church spends $3bn to settle clergy sex abuse claims Police arrests man over alleged attempt to kill mother for money rituals FG earmarks N700m for reconstruction of institutions destroyed by herdsmen Buhari meets with security chiefs Arsenal forward, Iwobi makes Nollywood debut We didn’t demolish Yinka Ayefele’s Music House — Oyo State Government NBA elects Paul Usoro as new President

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (379,216 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (367,486 views) Shameless Genevieve Nnaji exposes breasts in public (297,274 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (242,547 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (223,592 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (217,615 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (193,278 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (175,402 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (160,030 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (158,918 views) Lagos plane crash: Journalist releases victims’ names (153,216 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (143,461 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (56) Business & Economy (3,465) Business Verdict (48) Columnists (912) Complaints & Requests (95) Enterprise & Opportunities (207) Entertainment (529) Features (642) Global Business Monitor (295) International (2,282) Interview (162) Live Commentary (28) Love Matters (135) News (38,173) Opinion (1,064) Pidgin (11) Politics (6,110) Religion (831) Sports (1,654) Stock Watch (33) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Real Madrid vs Atletico Madrid 2-4 Highlights and Goals

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement