The World Bank on Wednesday pledged to support Nigeria’s policies geared towards strengthening its economic sector, among others.
Sri Indrawati, managing director/chief operating officer of the World Bank, after meeting with President Muhammadu Buhari, told newsmen at the Presidential Villa that the institution would support the country’s reform agenda on natural resources, fiscal policy among others.
“We would like to know how we can help Nigeria to make the very important decisions, whether on micro economic policies and other sectoral policies that will make this economy to move forward to become a strong middle-income country to have a much more inclusive growth, to have a vibrant economic activity and creating job and eradicating poverty,” Indrawati said.
Meanwhile, President Buhari urged the World Bank to do all within its powers to facilitate the speedy repatriation of an additional N63.6 billion ($320m) of the Abacha loot, still being stashed away in Swiss banks, saying the repatriation of the monies would help to ease the country’s current economic hardship.
The President assured Indrawati that his administration was taking appropriate steps to ensure that public funds were no longer stolen or misappropriated by government officials.
‘‘We need the support of the World Bank for the repatriation of the funds. We are as concerned as the World Bank about accountability. If such repatriated funds have been misapplied in the past, I assure you that the same will not happen with us.
“Three hundred and twenty million dollars is a lot of money and we will not allow it to be misappropriated or diverted,’’ a statement by the senior special assistant to the President, Garba Shehu, after the meeting, quoted President Buhari as saying to Indrawati.
The Nigerian economy, like many other countries in the world, is now facing weak global economy, low commodity price in goods and oil price, challenge of climate change and insecurity.
Indrawati, who is responsible for the World Bank’s operations worldwide, was on a short visit to Nigeria via Cameroon.
She said at the meeting with the President that the government’s reforms as well economic difficulties were discussed, especially the need of a wider economic agenda. “We discussed about the agricultural sector, infrastructure, but also the need to pursue and continue doing a very difficult reform.
“The President has a very heavy attention on infrastructure and agriculture, that is one area we would also like to support with our own ideas by the private sector arm of the World Bank,” she said.
Indrawati said she had also discussed the possible areas of priority, mode of engagement and the operational details of how this is going to be used in the most effective way.
“We also discussed more in terms of the need to diversify the economy away from oil. We also discussed on how to improve the fiscal side with the minister of finance under her leadership and try to improve on the revenue side, whether to improve collection tax as well as to fight against inefficiency and corruption.
“We also discussed on how to support the management of natural resources, especially the oil, which I think Nigeria has its own reform agenda to improve the governance and management of the oil sector.
“I think that is an important goal which is being launched by the Federal Government. That is the area that I think we would like to support, in any way we could so that it can be delivered, in terms of a healthy sector, good governance as well as effectively supporting the need of the people and the economy,” she said.
The managing director, who was visiting Nigeria for the first time, noted that the bank was also paying very close attention to the war-torn North-eastern section of the country.
