Economic
recession which has further impoverished the Nigerian poor masses could
be seeing its last days following the revelations from international
financial institutions.
The World Bank Group says Nigeria will soon recover from economic recession.
Mrs Eme Essien-Lore, Country Manager in Nigeria, International
Finance Corporation, a member of the group, made the observation in an
interview with journalsits in Lagos on Thursday.
”In our perspective and with the numbers that we have seen
coming from the World Bank and the International Monetary Fund (IMF),
Nigeria’s economy has recorded about one per cent real growth.
”That is a bit lower than government’s expectation which is about 2.2 per cent growth for 2017.
“It is a bit modest, but we certainly expect that the economy of Nigeria will rebound and recover from last year’s recession, ” she
said. Essien-Lore commended Federal Government`s new economic plan, but
said that there was need to set priorities for implementation of the
plan by the year 2020.According to her, the plan is very comprehensive,
ambitious and thoughtful.
She said that the World Bank had been consulting with the Nigerian
Government on the plan, saying that the bank was happy that the plan had
been published.
”Now we can sit down and look at it to see how we will align
our objectives around what the government wants to do. Essien-Lore said
that the plan was an opportunity to look at the priorities and what the
World Bank could do for the Nigerian government as ‘it comes up with its
development agenda’.
”The plan is for 2017 to 2020, it is a relatively short period,
but we need to know what the priorities are and collectively work with
government on how to achieve them, ” she said.
On the high rate of unemployment in the country, Essien-Lore urged
the Nigerian government to partner with the private sector to create
more quality jobs to reduce poverty and prevent social unrest.She said
that Nigeria was growing very fast and would soon become the third
largest country globally, after India and China.
This, she said, would increase unemployment rate if adequate job were not provided for the expected huge population. "A World Bank reports stated that between 2010 and 2030, there will be a need for 40 million additional jobs.
“This will mean that 40 million Nigerians will need to enter
the workforce within that period to boost the nation’s economy.” The
government needs to consider this by creating more jobs, especially for
youths.
Nigeria has the financial and entrepreneurial resources to create those jobs, ” she stressed.
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