The World Bank President, Jim Yong Kim, has admitted that the financial institution’s advice to Nigeria caused problems in health, education sectors.
The World Bank says it “has to take some responsibility’’ for advising Nigeria and other African countries to invest more in roads, railways and energy rather than in education and health.
The World Bank President, Mr. Jim Yong Kim, made this known while briefing the media after the launch of the 2018 Human Capital Index, which ranked Nigeria 152nd out of 157 countries believed to be committed to investing in human capital.
Kim briefed the media on Thursday at the ongoing International Monetary Fund and World Bank Group Annual Meeting in Bali, Indonesia.
“We provide quite a bit of support for Nigeria in terms of health budget. But we feel that the overall spending on health is just far too low, 0.76 per cent of GDP.
“Also, the educational outcomes in Nigeria are very very poor.
“Nigeria is one of the most important countries not only in Africa, but in the world and so we feel that it will be extremely important for Nigeria to really go on a different level altogether in terms of their commitment to investing in human capital.
“I think that the World Bank has to take some responsibility for having emphasised hard on infrastructure, roads, rails, energy for a very long time and I think that changed 20 years ago.
“But there is still then the bias that says we will invest in hard infrastructure and then when we grow rich, we will have enough money to invest in health and education.
“We are now saying that that’s really the wrong approach, that you’ve got to start investing in your people right now.’’
HCI seeks to raise awareness and increase demand for interventions to build human capital and accelerate better and more investments in people.
Kim said that through the International Development Association, the World Bank had, since 2015 increased funding for Nigeria and other African countries towards alleviating poverty.
The message here is that Heads of State and Ministers of Finance have to take responsibility.
“What has happened is in many African countries, if they don’t receive grant-based financing, they just simply don’t spend on health and education.
“So we hope that this is a loud wake-up call for leaders throughout the African continent and especially in Nigeria.”
According to the human capital index, children born in Nigeria stand the chance of being 34 per cent as productive when they grow up as they will be if they enjoy complete education and full health.
Children in Nigeria can expect to complete 8.2 years of pre- primary, primary and secondary school by age 18.
However, when years of schooling are adjusted for quality of learning, this is only equivalent to 4.2 years, showing a learning gap of 4 years.
The World Bank report on adult survival rate across Nigeria showed that only 65 per cent of 15-year-olds would survive until 60 years of age.
The News Agency of Nigeria reports that the 2018 Annual Meetings of the IMF and WBG brings together experts to discuss issues of global concern, including the World Economic Outlook, poverty eradication, economic development and aid effectiveness.
Latest Nigeria News
- Real Madrid Eye Conte As Lopetegui’s Replacement
- How NASS Plans To Pressure Buhari To Assent To Petroleum Industry Governance Bill – Saraki
- No Man Is Perfect – School Principal Speaks After Flogging Female NYSC Member (Photos)
- Trapped Journalists And Civil Servants Recount Ordeal In Kaduna Crisis
- Nigerian Eiye Cultist Killed By Rival Gang At A Nightclub In South Africa (Photos)
- Osun poll: Tribunal orders substituted service on INEC, Oyetola
- Grand corruption my biggest surprise as Vice-President – Osinbajo
- Naira loses marginally against dollar at parallel market
- Those who feel they have another country are free to go —Buhari
- “Nnamdi Kanu Is Not In Jerusalem” – Isreali Government Reacts
- CBN revokes nine micro-finance banks’ licences in Niger
- Why majority of Benue residents oppose Buhari’s re-election – Gov Ortom
- Captain Ozil shines in stellar Arsenal comeback
- Ashanti Cancels Concert After Selling Only 24 Tickets
- Xenophobia: 9 Nigerian-owned Shops Burnt In South Africa
- Unbelievable : Doctors Find 122 Nails Inside Patient’s Stomach During Operation
- Priest Commits Suicide After Being Accused Of Abusing A Child
- Is The Lagos Assembly Truly Planning To Impeach Ambode? Find Out What The Speaker Has To Say
- BBNaija’s Nina Shows Off Her Mother And Sisters As She Celebrates Her Mother’s Birthday
- NYSC Suspends Batch ‘C’ Orientation Course Indefinitely In Kaduna Over Unrest
- Osinbajo, Other Top Politicians Present As Alaafin Of Oyo Celebrates 80th Birthday (Photos)
- See A Teenage Female Blogger Allegedly Buys Two Cars For Her Parents As ‘Thank You’ Gifts (Photos)
- Norway To Increase Visa Issuance To Nigerians
- OMG : Heavy Flood Sweeps Away Van Containing Drugs Worth Millions In Delta
- Revealed: Saraki’s Anointed Candidate For Kwara Governorship Skips NYSC, Forges Certificate
- Lagos OAP Rocks Braless, Open Chest Outfit To Public Gathering (Photos)
- 55 Dead: Governor Nasir El-Rufai Imposes 24-Hour Curfew In Kaduna
- Governor Amosun Breaks Silence After Reports Alleged He Has Dumped APC
- Tragedy As Man Stabs Customer To Death Over N200 Beer At A Bar (Photos)
- Oshiomhole attacks APC chiefs plotting his removal
- Religious leaders visit Buhari just to take photographs – Bakare
- We Will Attack Israel If Nnamdi Kanu Is Not Deported Back To Nigeria – Lai Mohammed
- APC Expels Former SGF, Nnamani
- 2019: Man Who Rode Bicycle From Owerri To Abuja For Atiku, Collapses, Lands In Hospital (Photos)
- JUST IN: El-Rufai imposes 24-hour curfew on Kaduna
- Nnamdi Kanu Radio Biafra Broadcast: “I decree that there is no longer S/East or S/South Nigeria” (Full Message)
- There’s a gang up against me – Adams Oshiomhole cries out
- What APC Used To Deceive Shehu Sani – Ben Bruce
- It Is Possible For America To Lift Visa Ban On Atiku Any Time Soon – Campaign Spokesperson
- Nigerian Soldiers Hold Church Service With Their AK-47 Rifles (Photo)