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.

Aliko Dangote, the President of Dangote Group, has clarified that the recent reduction in petrol prices from his refinery is a direct response to market forces.

In an interview featured in an Arise TV documentary, Dangote explained that the price cut is aimed at safeguarding the company’s interests and investments, particularly after the massive $20 billion investment in the Dangote Refinery.

“The price reduction is a response to the markets. We invested over $20 billion in this refinery, and we need to protect our interests and investments,” Dangote stated.

On December 19, 2024, Dangote Refinery reduced its ex-depot price of petrol from N970 to N899.50 per litre.

Following this, retail prices were also adjusted to N935 per litre, in collaboration with MRS filling stations.

The move prompted the Nigerian National Petroleum Company Limited (NNPCL) to follow suit, cutting its ex-depot price to N899 per litre and retail prices to N965 per litre.

As a result, petrol prices across the country are now fluctuating between N935 and N1,100 per litre, with many filling stations adjusting their prices in line with the market dynamics.

As we approach 2025, the professional landscape is undergoing significant transformation, which is driven by rapid technological advancements and evolving workplace dynamics.

To understand this ever-changing environment successfully, individuals must cultivate a diverse set of skills that blend technical proficiency with essential human qualities.

Here are the top 10 skills that will be indispensable in the coming years.

1. Analytical Thinking and Innovation

The ability to analyze complex information and develop innovative solutions is paramount.

Employers value individuals who can think critically and approach problems with creativity, which will certainly lead to effective and efficient outcomes.

2. Active Learning and Learning Strategies

In a world where change is constant, the need for active learning is crucial.

This involves not only acquiring new knowledge but also applying effective learning strategies to adapt to new situations and challenges.

3. Complex Problem-Solving

The modern workplace presents different challenges that require the right problem-solving abilities.

Being able to navigate and resolve complex issues is a highly sought-after skill.

4. Critical Thinking and Analysis

Employers are increasingly seeking individuals who can evaluate information critically and make informed decisions.

This skill is essential for effective decision-making and strategic planning.

5. Creativity, Innovation, and Change

The ability to generate original ideas and take the initiative to implement them is invaluable.

Creativity drives innovation and innovation drives change which will contribute to the development of unique solutions and products.

6. Technology Use, Monitoring, and Control

Proficiency in utilizing and managing technology is essential in today’s digital age.

This includes understanding how to operate various technological tools and staying updated with emerging technologies.

7. Resilience, Stress Tolerance, and Flexibility

The ability to remain resilient and adaptable in the face of stress and change is crucial.

Employers value individuals who can maintain performance levels under pressure and adjust to new circumstances effectively.

8. Leadership and Social Influence

Strong leadership skills and the ability to influence others positively are important for driving team success and organizational growth.

This includes motivating others and guiding teams toward achieving common goals.

9. Emotional Intelligence

Understanding and managing one’s own emotions, as well as empathizing with others, enhances interpersonal relationships and workplace harmony.

Emotional intelligence is key to effective communication and collaboration.

10. Reasoning, Problem-Solving, and Ideation

The capacity for logical reasoning and the generation of ideas are fundamental skills.

Employers seek individuals who can approach problems methodically and contribute innovative ideas to drive progress.

Cultivating these skills will not only enhance individual employability but also contribute to personal growth and adaptability in an ever-evolving professional landscape.