The World Bank has said President Muhammadu Buhari suggested it shift its focus to northern Nigeria, a region largely underdeveloped compared to its country’s south.
Jim Yong Kim, president of the Bank, revealed President Buhari made the request at a meeting they held earlier. The Bank, however, said it was having difficulty working in the region, owing to drop in oil price.
“You know, in my very first meeting with President Buhari he said specifically that he would like us to shift our focus to the northern region of Nigeria and we’ve done that. Now, it has been very difficult. The work there has been very difficult”, he said.
“I think Nigeria, of course, has suffered from the dropping oil prices. I think things are just now getting better. But the conversation we need to have with Nigeria, I think, is in many ways related to the theme that I brought to the table just this past week, which is investment in human capital. The percentage of the Gross Domestic Product that Nigeria spends on healthcare is less than one percent.”
“Despite that, there is so much turbulence in the northern part of the country, and there is the hit that was taken from the drop in the oil prices. Nigeria has to think ahead and invest in its people. Investing in the things that will allow Nigeria to be a thriving, rapidly growing economy in the future is what the country has to focus on right now.”
“Focusing on the northern part of Nigeria, we hope that as commodity prices stabilise and oil prices come back up, the economy will grow a bit more. But very, very much important is the need to focus on what the drivers of growth in the future will be,” he stated.
By Tony Nwanne