Business
World Bank Urges Nigeria to Improve Public Spending to Increase Economic Growth
The World Bank, based in Washington, has highlighted that inefficient public spending is draining a significant portion of investments in Nigeria and other developing nations.
This revelation comes from the bank’s latest report, titled “How Can Developing Countries Power Up Public Investment?”
The report is a critical issue: over one-third of public investment in emerging markets and developing economies is wasted due to inefficiencies.
This not only stunts economic growth but also hampers overall development potential.
In some extreme cases, it results in costly “white elephant” projects, which yield minimal economic benefits despite their high costs.
These projects further jeopardize a country’s sovereign risk and debt sustainability.
According to the World Bank, improving government spending efficiency is key to fully reaping the rewards of public investments.
It is estimated that the inefficiency of public spending in emerging markets and developing economies (EMDEs) is much higher compared to advanced economies.
Factors such as regulatory obstacles, corruption, and institutional shortcomings often contribute to the creation of lower-quality projects that fail to generate the intended benefits.
To address these challenges, the World Bank recommends that developing countries strengthen public spending practices by embracing transparency in procurement processes and ensuring robust monitoring of projects.
Such measures could significantly improve the impact of public investments.
In Nigeria, the urgency of improving investments is palpable.
Wale Edun, the country’s finance minister, recently emphasized that Nigeria requires an annual investment of $20 billion to achieve its ambitious target of reaching a $1 trillion economy by 2030.
Nigerians react as a user claims and shares that the price of rice in Nigeria is already reducing.
“Rice prices are finally dropping, minimum wage can buy a bag now. Step by step, we’re getting there. Nigeria will work in our lifetime.”
It can be noted that rice was sold at ₦85k to ₦90k, however, according to a market survey, the price of rice has dropped to ₦56k to ₦62k.
Nigerians now have a new choice when it comes to making calls and browsing the internet. A new telecom company called LEBARA has launched in the country with a new idea. Instead of the usual airtime system that most networks use, this company is offering something different, subscribers will now buy call minutes and data directly.
What makes this different is that customers will only pay for what they actually use. If you buy 100 minutes, those minutes are yours until you use them up. If you make a call that lasts only 30 seconds, the rest of your time remains, leaving you with 99 minutes and 30 seconds. Nothing is taken away without your knowledge, and every second is accounted for.
The company is rolling out its services with the new 0724 number series, and it already has connections with all the major networks in Nigeria. This means subscribers will be able to call friends, family, and business contacts across MTN, Airtel, Glo, 9mobile and others without any problems. They have also been licensed as a Tier 5 Mobile Virtual Network Operator, which is the highest category approved by the Nigerian Communications Commission (NCC).
Company officials explained that the goal is to give Nigerians more freedom, fairness, and transparency. For years, people have raised concerns about airtime being deducted too quickly or without clear explanation. By introducing a minutes-based model, the new operator wants to end that problem once and for all. Subscribers can clearly see what they paid for, how much they have used, and what is left.
Victim of child abuse pleads and urges American billionaire and businessman, Elon Musk, to halt the spread of a link that showcases her abuse on the social media platform, X.
The victim shared as she pleaded with Musk: “Hearing that my abuse — and the abuse of so many others — is still being circulated and commodified here is infuriating.”
The victim then expressed anger and disappointment that she is still reminded of her hurtful past and pleaded that Elon stop the link as he is the owner of the platform.
Former Man United Star Jesse Lingard Ends Contract With FC Seoul
Harry Song Urges Government to Increase Security Salaries to Fight Insecurity
Peter Okoye Shares Childhood Struggle That Shaped His Fear of Poverty
-
Entertainment4 hours agoHarry Song Urges Government to Increase Security Salaries to Fight Insecurity
-
Entertainment4 hours ago“They Destroyed Me”: 2Baba Distances Himself From Family Over Marriage Crisis
-
Entertainment4 hours agoPeter Okoye Shares Childhood Struggle That Shaped His Fear of Poverty
-
Sport4 hours agoFormer Man United Star Jesse Lingard Ends Contract With FC Seoul
-
Entertainment4 hours agoDavido Honors Wizkid’s Late Mother With Moment of Silence on Stage