President of the World Bank Group, Jim Yong Kim stated that the World bank had concentrated on the northern region of Nigeria in line with President Muhammadu Buhari’s request.
Kim and the Managing Director, International Monetary Fund, Christine Lagarde, who spoke at separate press conferences in Washington DC, United States, also advised Buhari to invest in things that would enhance economic growth.
Kim said, “You know, in my very first meeting with President Buhari he said specifically that he would like us to shift our focus to the northern region of Nigeria and we’ve done that. Now, it has been very difficult. The work there has been very difficult.
“I think Nigeria, of course, has suffered from the dropping oil prices. I think things are just now getting better. But the conversation we need to have with Nigeria, I think, is in many ways related to the theme that I brought to the table just this past week, which is investment in human capital. The percentage of the Gross Domestic Product that Nigeria spends on healthcare is less than one percent.”
He added, “Despite that, there is so much turbulence in the northern part of the country, and there is the hit that was taken from the drop in the oil prices. Nigeria has to think ahead and invest in its people. Investing in the things that will allow Nigeria to be a thriving, rapidly growing economy in the future is what the country has to focus on right now.”
Kim also said, “Focusing on the northern part of Nigeria, we hope that as commodity prices stabilise and oil prices come back up, the economy will grow a bit more. But very, very much important is the need to focus on what the drivers of growth in the future will be.”
According to the World Bank boss, the bank will invest in human capital in other parts of Africa in order to prepare the continent for the next phase of growth.
Lagarde, in her remarks, said Sub-Saharan African countries, including Nigeria, had posted suboptimal growth in recent times.
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The growth figures, she said, were far too small considering the huge demographic potential of Nigeria and other countries in the region.
As a result, she said the IMF would be engaging ministers of finance and central bank governors from the region attending the annual World Bank and IMF meetings on how they could boost and stabilise economic growth.
Lagarde said, “The Sub-Saharan Africa is one region of the world where growth is suboptimal. Those countries grow at an average growth of 2.5 per cent. That is too low for the demographic expansion of the region.”
The IMF managing director said emerging and developing economies must invest more in their economies through infrastructural spending, strengthening safety nets, allowing women more access to the labour market and carrying structural reforms.
Source: Punch Photo: World Bank Group
Northern Nigeria whose population is 100% Muslims do not know that they are sitting on economic time bomb. There is no economy that is not dependent on Allah. Oil and minerals have been threatened by Allah in the Holy Qur’an 67:30, “Tell me! If your water is to sink away, who then can supply you with flowing water?”. Northern economy depends on cash and food crops. Allah promises increase in the Holy Qur’an 2:261, “The likeness of those who spend their wealth in the way of Allah, is as the likeness of a grain (of corn), it grows seven ears, and each ear has a hundred grains. Allah gives manifold increase to whom He wills, and Allah is All-Sufficient for His creatures needs, All-Knower.” 2:265 is also appealing. 2:266 is a warning that the Muslims in Northern Nigeria do not believe in. What can Word Bank Group do to Northern Nigeria in the event of Allah’s wreath? Is the lesson sign in California and others not enough for the Northern Muslims to give thought?
Is it possible for Allah to call Northern Muslims as disbelievers?