Nigeria’s Economic Outlook Uncertain, Welfare Worsening – World Bank

The World Bank has said that Nigeria’s economic outlook is uncertain and its ability to attract domestic and foreign investments is also crashing.

It also noted that the condition of welfare in Nigeria was worsening despite the economic recovery from recession.

The Washington-based bank said this in its draft report for State Action on Business Enabling Reforms, which is available on its website.

The global lender stressed the need to catalyse private investment in order to boost growth and create jobs, noting that this type of investment was declining in the country.

The bank said, “Besides, Nigeria’s ability to attract domestic and foreign investment is low and declining compared to its peers. Private sector investment’s contribution to growth has declined as a consequence of macroeconomic and financial policies that constrain exports and foreign investment.”

The World Bank further emphasised the need for a more flexible and transparent foreign exchange management regime, accelerated revenue-based fiscal consolidation, strengthened expenditure and debt management and improved business-enabling environment.

-Punch

About Delia Innoma

Delia Innoma is a prolific writer, promoter, artist manager with full professional proficiency in English, German and Igbo languages. She studied accounting and computer programming at the Institute of Management and Technology Enugu and Germany respectively. Delia is also a devoted mother of two and she founded the Diamond Celebrities Magazine. Her sense of responsibility and commitment to the Christian faith are essential forces driving her daily activities.

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