Business
W’ Bank Low Rating Beneficial To Nigeria
The President of Miners Association of Nigeria says the World Bank 2015 report, that rated Nigeria 169 out of 189 economies in the World, will put the country on the right track.
President of the Association, Alhaji Sani Shehu, told newsmen on Wednesday in Abuja that Nigeria should not shy away from the report.
“This report is supposed to be a tuner for Nigerian government to welcome, it is supposed be a catalyst for the overall development of the country in terms of infrastructure.
“Also it is a welcome development in terms of creating an enabling environment that will attract investors, encouraging local investors to freely invest by providing critical infrastructure.
“The Federal Government should take measures that will address the problem of how to handle investors. All of these are required to move Nigeria from the bottom position to higher position.’’
Shehu who urged Nigerians not to see the report as false or World Bank criticising the economy, blamed lack of infrastructure in the country, for the low rating.
He added that physical infrastructure that could attract foreign investors to Nigeria were not available, resulting in the low rating of the country as 169 economy out of 189.
“ If not for the recent revelation from this present administration, all the funds budgeted for power, infrastructure were practically siphoned by dubious individuals.’’
He said the pedigrees that encourage investors to succeed in their businesses were not low taxation, royalty among others, but adequate infrastructure.
On mining, Shehu said that availability of access road, rail system, dredging of rivers and power had been major concerns for both local and foreign mining investors.
“Nigerian roads are not the best options to transport minerals to final destinations, but this can be achieved through river ports and rails system that are not existing.’’
NAN reports that the World Bank recently released a benchmark ranking for all economy to June, 2015.
World Bank ranking was based on ease of way of doing business.
The ease way of doing business ranking means the regulatory environment should be more conducive for investors.