Business
Govt, World Bank Disagree Over Dev Rate
The Federal government of Nigeria and the World Bank last week in Abuja disagreed at the rate of development in the country. While the World Bank in a report, blamed the low level of development in the country on inconsistency in creation and implementation of economic policies, government faulted the World Bank report for what they called inconsistencies and banks inability to factor in recent changes that are being implemented by the Yar’Adua administration.
The report also showed that though growth rate has been on the increase in the last eight years, it has not been marched by productivity since the nation still has a negative employment. Index, an indication that the growth percentage is not felt by the populace. The officials sought to draw public attention to various policies of this administration which are yielding fruits, although at a gradual process.
The consensus, however, is that Nigeria’s attitude of changing policies with successive governments has been responsible for its low economic growth.
Senator Adamu Aliero, Minister of the Federal Territory, said the administration of the capital city was involved in job creations for its residents through mechanized farming.
Represented by the Dr Abdul Muktar, executive director of the Abuja Investment Company Limited, Aliero said the FCTA provides various facilities for the farmers like fertilizers, tractors, treated grains among others, to ensure higher yield at the harvest time.
Mr Onno Ruhl, country director of the World Bank in Nigeria, said contrary to wide beliefs, Nigeria’s greatest resources is its youth population, and not in oil resources. The potential of this human capital, Ruhl said, is however grossly under utilised pointing out that even though the growth rate being recorded by the country is a good thing, the fact that it is not matched by productivity downgrades its success. Other sectors of the Nigerian economy could become money spinners, if properly harnessed, he said.
“Growth is good, but without it creating jobs poverty remains. Before coming to Nigeria, I thought it was solely an oil economy, I did not know about Nollywood or that Nigeria was the world’s largest producer of cassava. I simply didn’t understand that Nigeria had this much potentials, but potential is not good enough if it is not harnessed”, he said.
Ruhl commended the vision 2020 proposal saying it has the potential to transform the nation if properly implemented adding that the World Bank is impressed with the contents of the document.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.