World Bank Apologizes To Nigeria For Wrong Economic Counsel
File: CBN Governor, Godwin Emefiele

The World Bank has taken “responsibility’’ for advising Nigeria and other African nations to invest in infrastructure, energy, rails, and roads.

This appeal came from the World Bank President Jim Kim on Thursday at the ongoing International Monetary Fund and World Bank Group Annual Meeting in Bali, Indonesia.

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According to Kim, “We provide quite a bit of support for Nigeria in terms of the health budget.

“But we feel that the overall spending on health is just far too low, 0.76 per cent of GDP.

“Also, the educational outcomes in Nigeria are very very poor.”

He added that “Nigeria is one of the most important countries not only in Africa, but in the world and so we feel that it will be extremely important for Nigeria to really go on a different level altogether in terms of their commitment to investing in human capital.

“I think that the World Bank has to take some responsibility for having emphasised hard on infrastructure, roads, rails, energy for a very long time and I think that changed 20 years ago.

“But there is still then the bias that says we will invest in hard infrastructure and then when we grow rich, we will have enough money to invest in health and education.

“We are now saying that that’s really the wrong approach, that you’ve got to start investing in your people right now.’’