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David Malpass: World Bank to support Nigeria in lifting 100mn out of poverty
The World Bank says it is working to support the Nigerian Government in its bid to lift 100 million people out of poverty. The President of the World Bank Group, David Malpass also noted that the key objective of the bank is to help attract private investment to crowd-in financing for investments in infrastructure and human capital. This comes as the IMF revised Nigeria’s 2021 growth forecast to 2.5 per cent this year. Tilewa Adebajo, CEO of CFG Advisory joins CNBC Africa for more.
Fri, 09 Apr 2021 12:24:31 GMT
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AI Generated Summary
- The World Bank and the Nigerian government are partnering to lift 100 million people out of poverty by attracting private investments for infrastructure and human capital development.
- Adebajo highlighted the need for an enabling environment to attract foreign investments, citing structural issues such as slow judiciary processes and policy inconsistencies.
- Effective implementation of the partnership framework is crucial to addressing Nigeria's economic fragility and population growth challenges.
The World Bank has announced its commitment to supporting the Nigerian government in an ambitious plan to lift 100 million people out of poverty. David Malpass, the President of the World Bank Group, emphasized the key objective of the bank to attract private investments to finance investments in infrastructure and human capital. This initiative comes at a crucial time as the International Monetary Fund (IMF) recently revised Nigeria's 2021 growth forecast to 2.5 percent. Tilewa Adebajo, CEO of CFG Advisory, joined CNBC Africa to discuss the implications of this partnership. Adebajo acknowledged the positive steps taken by the World Bank and the Nigerian government to create an enabling environment for private sector investments. However, he highlighted existing structural issues that hinder foreign investments such as slow judiciary processes and policy inconsistencies. Adebajo emphasized the need for effective implementation of the partnership framework to achieve tangible results. He underscored the importance of addressing the fragility of Nigeria's economy and its inability to match population growth with GDP growth. Despite the challenges posed by the COVID-19 pandemic, Adebajo expressed cautious optimism that the partnership could yield positive outcomes if implemented diligently.
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