World Bank urges Nigeria to implement socioeconomic development programs
ABUJA, Jan. 21 (Xinhua) -- The World Bank has urged the Nigerian federal government to properly implement the National Economic Empowerment and Development Strategy (NEEDS) to boost the transformation of the nation's economy.Onno Ruhl, the World Bank's Country Director in Nigeria, made the bank's position known on Thursday in Abuja.
He said whichever the government is in power must ensure a holistic implementation of the strategy and ensure that Nigerians are key to the policy and the document.
"The most important thing is that, do people actually believe in them, do they own them, do they think they actually have anything to do with it," he said.
He was optimistic about the success of NEEDS since it is conceived and was being implemented by the Federal government as opposed to the poverty Reduction Strategy Paper (PRSP) which was initiated by the World bank and the International Monetary Fund.
Ruhl urged the Nigerian government to guard against policy summersaults and ensure continuity in the implementation of its various economic policies.
According to him, it takes at least 10 years to transform the economic fortunes of a country, using a sustained economic policy.
"The issue is this, maybe you need a new name but you need the same policies to continue but the bottom line is to transform a country takes longer than four years," he added.
"It takes 10; I would say in 10 years you can really transform a country, in 20 years you would not recognize it ...," the world bank chief said.
The country director pointed out that Nigeria has the potential to be an economic power and achieve rapid growth and development like China, India and Brazil if there is continuity in its economic policies.
Ruhl assured Nigeria of the World Bank's support in its development efforts and the attainment of Vision 2020.
NEEDS is Nigeria's home-grown poverty reduction and socioeconomic development strategy document.
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