The World Bank has advised the present administration of Nigeria, led by President Muhammadu Buhari to ensure transparency and to strengthen the education system in Nigeria.
The President, David Malpass, at the 2020 Annual Meeting press conference gave the honest counsel.
David Malpass spoke while stating the position of World Bank regarding their stand on human capital in Africa, most especially Nigeria.
He said, he sees many problem with the enormous youth population with rising unemployment, and now an added coronavirus concern.
“It’s harder to see the opportunities; this is a bad thing that happened to the world and particularly to poor people in the world because there’s not an evident solution.
The president, said, vital steps Nigeria should make is to try to work in the areas of strengthen the health and education system. Also, transparency and good governance system are vital in order to reduce corruption within the system.
Malpass stressed that there are certain substantial benefits by reducing subsidies and allowing gasoline prices to rise. He commends Nigeria for tackling the problem of subsidies in hydrocarbon areas.
“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.”
The World Bank chief added that he believes progress is being made in the area and that it’s valuable.
On the question of opportunities, the institution urged countries to think about where they want to be in a post-COVID world that’s going to be very different from the pre-COVID-19 world.
“That means a different way of people interacting, hopefully better; a greener way of operating; and an emphasis on health care.
“I mentioned earlier that we’ve extended the emergency health response to include vaccines and distribution of vaccines for COVID-19, but it also has the benefit of helping the vaccination programs in other areas and the healthcare outreach in other areas that will be so valuable”, Malpass said.