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FG seeks World Bank’s help to accelerate slow economy



The federal government has approached the World Bank to leverage on the institution’s global reach and expertise to accelerate the nation’s slow economy.
Minister of Finance, Mrs. Kemi Adeosun made the appeal on Thursday when she received the World Bank’s Vice President for Africa Mr. Hafez Ghanem in her office in Abuja.
According to Adeosun, “We hope to accelerate the growth and this interaction with the world bank is how do we do that, and how do we leverage on the technical capacity, global reach and wealth of experience to ensure we not only preserve the growth which is quite slow at the moment but to accelerate the growth so that we don’t have boom and burst cycles. We need continues growth.”
Adeosun commended the World Bank for the projects the institution in involved in in Nigeria “particularly at the subnational government levels with the fiscal transparency and accountability project that the World Bank is helping us with, there are projects in education, health and water that the World Bank is doing which we are excited about.”
But one area where Nigeria is hoping to make a lot of progress is the power sector reform program, which the finance minister said “is an extremely important program for us as far as GDP growth is concerned because it’s really going to accelerate growth and all the things that we need to do to get the power sector reform programme off the ground, for us it’s our number one priority at the moment.”
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Specifically, Nigeria she said will like to draw from the World Bank, assistance to “sort out the challenges in the power sector value chain and leverage on the World Bank, its relationship and its wealth of experience in getting us to move the sector forward.”
Earlier in his speech, the World bank Vice President, Mr. Hafez Ghanem said  “The world bank’s objective in Africa, is to help Africa grow. If we talk about growth in Africa, we have to think of Nigeria because it is the largest in Africa. So Africa cannot grow unless Nigeria grows, so for us in the World Bank, Nigeria is a very high priority and we want to see how we can support and help the Nigerian economy grow faster and achieve all developmental objectives.”
The post FG seeks World Bank’s help to accelerate slow economy appeared first on The Nation Nigeria.

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