The World Bank has advised the administration of President Muhammad Buhari to strengthen the education system and ensure transparency in Nigeria.
President David Malpass gave advice at the 2020 Annual Meetings press conference.
He spoke while expressing the World Bank’s position on human capital in Africa, Nigeria in particular.
“We have a huge young population with rising unemployment and now additional concern about the coronavirus. Do you see a problem or an opportunity? A journalist asked.
In response, Malpass said he sees a lot of problems.
“It is more difficult to see the opportunities; This is a bad thing that happened to the world and particularly to the poor people of the world because there is no obvious solution.
“As I mentioned earlier, the K-shaped recovery is a daunting challenge, due to the inequality that is expressed in that kind of perspective.
“For Nigeria, the vital steps are to strengthen the health system and the education system, and we try to work in those areas.
“In addition, the governance system and transparency are vital to reduce corruption within the system.”
Malpass praised Nigeria for tackling the problem of subsidies in the hydrocarbon area.
He stressed that there are substantial benefits to reducing subsidies and allowing gasoline prices to rise.
“It means there are tax savings. It also means that there are great environmental benefits and it also allows markets to function better and allocate resources better. “
The World Bank chief added that he believes progress is being made in the area and that it is valuable.
On the question of opportunities, the institution urged countries to think about where they want to be in a post-COVID world that is going to be very different from the pre-COVID-19 world.
“That means a different way of interaction of people, hopefully better; a greener way of operating; and emphasis on health care.
“I mentioned earlier that we have extended the emergency health response to include vaccines and vaccine distribution for COVID-19, but it also has the benefit of helping vaccination programs in other areas and health outreach in other areas that will so valuable, ”Malpass said.