Home Latest News World Bank Says It Gave Nigeria Wrong Advice On Economic Growth

World Bank Says It Gave Nigeria Wrong Advice On Economic Growth

World Bank Says It Gave Nigeria Wrong Advice On Economic Growth

Jim Yong Kim, World Bank President, has mentioned the organisation was once fallacious to have urged Nigeria, and Africa as an entire, to concentrate on making an investment in exhausting infrastructure than in human capital.

Speaking on the International Monetary Fund (IMF) and World Bank Group (WBG) Annual Meetings in Bali, Indonesia, Kim mentioned its manner of pumping finances into highway and infrastructure versus hanging cash in {health} and training was once the fault of the global cash lender. He, alternatively, famous that African leaders had been unwilling to spend money on their – People, if there was once no grant.

Kim’s deal with got here at the heels of the WBG’s announcement that Nigeria was once ranked 152 of 157 nations in its Human Capital Index.

He mentioned: “We supply slightly a bit of of toughen for Nigeria relating to {health} price range, however we really feel that the total spending on {health} is just some distance too low, 0.76 in keeping with cent of GDP. Also, the learning results in Nigeria are very deficient.

“Nigeria is 1 of an important nations no longer handiest in Africa, however on the earth and so we really feel that it is going to be extraordinarily essential for Nigeria to truly move on a distinct stage all in combination relating to their dedication to spend money on human capital. I believe that the World Bank has to take some duty for having emphasized exhausting infrastructure, roads, rails, power for a long time and I believe that modified 20 years in the past.

“But there may be nonetheless then the prejudice that claims we can spend money on exhausting infrastructure after which once we develop wealthy, we can find the money for to spend money on {health} and training.

“We are actually pronouncing that that’s truly the fallacious manner, that you just’ve were given to begin making an investment on your – People at the moment.”

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