He said: “The current economic performance of Nigeria is not enough to reduce poverty, we need to accelerate growth..
“It’s important to resolve the problems of the power sector in Nigeria to bring in more investments, because you need to bring down the cost of power to make the economy more competitive for the development of industries.
“The World Bank is supporting digital transformation in Nigeria because of its potential ability to transform other areas of the economy including industry, agriculture and services.
READ ALSO: House of Reps Orders CBN to Suspend Charges
“Nigeria has a comparative advantage in that area because of the youth, a majority of the population is young. “So if we want to create jobs, we need to invest much more in the digital economy.”
Recall that in 2018, Nigeria obtained World Bank loan of $2.4bn.
President Muhammadu Buhari’s government has increased its borrowing to finance government spending, with domestic debt at $55.6bn and foreign loans at $25.6bn.
Nigeria has been seeking credit with low interest, long repayment periods from institutions to ease its burden, including the World Bank and the African Development Bank.
