Cuts Africa’s growth forecast to 4.0% in 2015 *Says falling OIL PRICE unlikely to alter economic dominance
Commends economic diversification
James Emejo in Abuja
The World Bank Chief Economist for Africa, Mr. Francisco Ferreira, on Monday welcomed the resolve of Nigeria’s President-elect, Major-General Muhammadu Buhari (rtd), to visit past corrupt practices, stressing that it would help strengthen public institutions and promote cleanliness in politics and management of public resources.
Answering questions from journalists across sub-Saharan Africa via video-conferencing from Washington on the occasion of the launch of Africa’s Pulse, a bi-annual World Bank Group analysis of the issues shaping Africa’s economic prospects, he said the current emphasis of the “elected government to look at what happened in the past hopefully would have consequences for the future.”
According to him, such consequences would help institutions BECOME stronger, while the culture of impunity is eliminated, allowing for more resources to be committed to the betterment of the poor.
Specifically, he said ridding the Nigerian National Petroleum Corporation (NNPC) of alleged corruption would be a major achievement for the incoming government. READ MORE HERE