Nigeria called on to invest in infrastructure

18 January 2011

The Nigerian government has been urged to spend more on infrastructure projects during 2011.

According to the World Bank, the nation is Africa's biggest oil producer but is currently placing too much emphasis on supporting this sector to the detriment of other industries.

To help improve the situation and support the growth of the nation's economy in the next few years, more money should be put towards infrastructure work - possibly in areas such as transport or water - and supporting non-oil sectors, it was suggested.

The World Bank increased its growth forecast for Nigeria in 2011, predicting its economy will rise by 7.1 per cent during this year, up from a previous estimate of 5.7 per cent.

It added that 2012 is likely to see further growth of 6.2 per cent.

The financial organisation has lent considerable backing to Nigeria in recent times, approving more than 130 International Bank for Reconstruction and Development loans and International Development Association credits for the country as of September 2010.

Its total investment in the country from these grants stands at over $10.5 billion (£6.5 billion).
 

Category: General