The World Bank has called on the Federal Government to eliminate obstacles hindering private sector growth, emphasizing that targeted reforms could unlock over $20 billion in investments and generate more than 600,000 jobs.
Speaking at the Country Private Sector Diagnostic and Stakeholder Engagement in Abuja, the World Bank's Country Director for Nigeria, Dr Ndiame Diop, highlighted that despite Nigeria being Africa's largest economy, it lags behind Indonesia and South Africa in foreign direct investment (FDI).
He identified ICT, agribusiness, solar energy, and pharmaceuticals as key sectors that could drive massive economic growth if reforms are implemented.
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According to Diop, ICT alone could attract $4 billion and create 200,000 jobs, while agribusiness reforms could unlock $6 billion and employ 275,000 people.
Diop urged the government to address issues such as high broadband rollout costs, infrastructure challenges, and inconsistent levies, particularly in the ICT sector. He also noted that recent economic reforms have improved the investment climate, making it the right time for bold policy actions.
Finance Minister Wale Edun reaffirmed the government's commitment to partnering with the World Bank and the International Finance Corporation (IFC) to drive investment-led economic growth.
