World Bank assures of increased credit on economic stability, accountability in Nigeria

The credit, which was as a result of development partnership between Nigeria and the bank was utilized in 25 projects including water supply, power, transport, health, Science and Technology, primary education, HIV/ AIDS, rural development, private sector development as well as economic management and governance in the country.

World Bank Vice president for Africa region, Oby Ezekwesili disclosed this at the weekend while briefing journalists on the outcome of her five-day visit to Nigeria, which according to her, was meant to underscore the importance of Nigeria’s partnership with the World Bank in the work of development.

She commended the government for improved macroeconomic performance and commitment to the rule of law, due process as well as support for the effectiveness of the anticorruption agencies.

Stressing, the importance of accountability, she called for a renewed effort at the fight against corruption, noting that the government could make a lot difference in the lives of many ordinary Nigerians if its resources were prudently managed.

"We congratulate the government for the level of macroeconomic stability which is fundamental for the growth of Nigeria. Without sustained maintenance of macroeconomic stability, the prospects of getting an increase in the GDP growth rate of Nigeria at current levels of 6 percent to the target of 13 percent of the current administration will not materialize. So it is important that macroeconomic stability and due regard to prudent fiscal operation will continue to underpin the way that governance is conducted at all levels", Ezekwesili stated.

"Nigeria will benefit from an expanded policy and knowledge transfer. It could also benefit from increased credit allocation within the next four years provided it continues to sustain macro and fiscal stability, strengthening governance and anti-corruption efforts at both federal and state levels" she also noted in statement.

In statement, the Bank agreed with President Yar’ Adua’s view that corruption is a cancer stunting development of the country and called on the government at all levels to further deepen the reforms and show strong commitment to improved governance standards and fight corruption inorder to achieve the sustainable results in all aspects of the economy.

According to the bank, the passage of the fiscal responsibility, procurement, tax reform and the Nigeria Extractive Industries Initiative laws are some of the key factors that would enhance good governance in the country. However the effective implementation of these initiatives will be vital in achieving set objectives, the bank added hoping that the laws would be domesticated by the states in the federation to ensure nationwide good governance.

Accordingly, the Bank pledged committed to provide the adequate support that may be required by the government in the course.