The World Bank yesterday said that though indicators have shown that there has been economic growth in Nigeria, such growth has not impacted positively on the lives of the ordinary citizens.
This, the bank believed, remained a challenge to the administration of President Umaru Musa Yar�Adua.
Pointing this out in Abuja at the launch of Africa Development Indicators (ADI) 2007, Acting Country Director, World Bank Nigeria, Mrs. Galina Sotirova, stated that Africa had been growing at about five per cent unlike in the past years when it lagged behind. She however added that Nigeria had been lagging behind in all human development indicators.
According to her, �economic indicators in Nigeria are not yet translated to improving the well being of the people. This remained a challenge to the present administration.�
She however said that the bank would assist in translating the economic growth to the benefits of the people.
Launching the ADI 2007, the Senior Economist African Region of the World Bank, Mr. Jorge Saba Arbache, submitted that the growth rate of more than four per cent was a big achievement for Africa.
He said: �A group of diversified sustained growers has emerged, but economic performance varied substantially from country to country between 1996-2005. But sorting countries out by Gross Domestic Product (GDP) per capita growth and geography show no growth pattern (1975-2005).�
He explained that there could be unseen hands behind the scene, responsible for the growth of countries without much resources. He also pointed out that, the growth could be attributed to better economic policies now being introduced by the African countries.
He lamented that Africa�s growth rate was the most volatile in the world while its Public Private Partnership (PPP) GDP per capita growth was low, extremely volatile and suffered collapses.
Making comparative analysis of what happens in good and bad times in the African region, Arbache listed that �saving and investment are higher in good times and much lower in bad times. Trade is substantially lower in bad times. The real effective exchange rate is more competitive in good times, but substantially less in bad times and governance indicators get worse during bad times.�
The senior economist advised the Federal Government to endeavour to sustain its good times, particularly at the present period of high oil prices by diversifying its exports so that in the event of a fall in oil prices, the nation would have something to fall back on instead of being dependent on oil.
Source:
This Day