World Bank Advocates Private Sector Development in Nigeria

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The World Bank Group has asked Nigeria and other developing countries to ensure the growth of private sector investments this year.

It said that following another disappointing year in 2014, developing countries should see an uptick in growth this year by removing any unnecessary roadblocks to private sector investments.

According to the World Bank Group’s Global Economic Prospects report released, soft oil prices, stronger United States economy, continued low global interest rates, and receding domestic headwinds in several large emerging markets should boost growth in developing countries this year.

After growing by an estimated 2.6 per cent in 2014, the global economy is projected to expand by three per cent this year; 3.3 per cent in 2016 and 3.2 per cent in 2017, the bank’s twice-yearly flagship report predicts.

Developing countries grew by 4.4 per cent in 2014, and are expected to edge up to 4.8 per cent in 2015, strengthening to 5.3 and 5.4 per cent in 2016 and 2017, respectively.

The report quoted Mr. Jim Yong Kim, the World Bank Group’s president, as saying, “In this uncertain economic environment, developing countries need to judiciously deploy their resources to support social programmes with a laser-like focus on the poor and undertake structural reforms that invest in people.”

He spoke further: “It is also critical for countries to remove any unnecessary roadblocks for private sector investment. The private sector is by far the greatest source of jobs and that can lift hundreds of millions of people out of poverty.”

Source: Business World

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