World Bank to support Nigeria’s essential sectors

world bank to support oil demand decline

World Bank to support the Nigerian government to strengthen the health and education sectors.

The President, World Bank Group, David Malpass, said this during a press briefing at the 2020 annual general meeting on Thursday.

Pointedly, the World Bank support for the country in the cause of the pandemic continue to reduce public fiscal constraint

He said: “For Nigeria, the vital steps are to strengthen the health system and the education system, and we try to work in those areas.

“Also, the governance system and transparency are vital in order to reduce the corruption within the system.

“I compliment Nigeria for tackling the problem of subsidies in the hydrocarbon area.

“By reducing those subsidies and allowing gasoline prices to rise. It is very hard for governments to do that — there are substantial benefits.”

Furthermore, he added: “It means that there are fiscal savings.

“It also means there are environmental benefits that are large, and it also allows markets to work better and to allocate resources better.

“So, I think progress is being made in that area and it is valuable.”

Reportedly, Nigerian economic indicators are showing bad state of its citizens quality of life. Firstly, the country is the world poverty headquarters. Furthermore, it is has one of the highest rate of out-of-school children in the world. Therefore, this intervention by the Bank will cushion the adverse impacts of these negative indicators.

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