Dr Shubham Chaudhuri
To maintain steady growth in this competitive era, Nigeria, Africa’s largest economy, has been issued just two pieces of advice.
The World Bank suggested to the Nigerian Government to endeavour it invests in its citizens and, secondly, to unleash the potentials and power of the private sector by financing and growing businesses of entrepreneurs.
These suggestions came from the Country Director for Nigeria, World Bank, Dr Shubham Chaudhuri, while participating in a virtual panel session.
The Lagos Business School, organisers of the virtual meeting, tagged the topic of discussion, “Nigeria in Challenging Times: Imperatives for a Cohesive National Development Agenda.”
Buttressing his point, the country director stressed that no country in the world became prosperous in eliminating poverty or realising its prospects without developing its human resources.
He said another area of concern if a nation hopes to maintain it’s place as Africa’s Largest Economy, is, of course, to fulfil it’s primary function of providing security, law, and order for its subjects.
Without selecting his words, Chaudhuri, who stressed the need for private investment to realise its potential, said the private sector in Nigeria is currently ‘struggling to breathe.’
He also hinted that the country’s revenue to Gross Domestic Product, GDP ratio, in the previous year, crashed between five and six per cent, which is the lowest in the world.
Regardless, Chaudhuri thinks Nigerians are more entrepreneurial by nature, dynamic, and can be productive with their natural resources.