Nigeria and other developing countries have been asked by the World Bank to ensure the growth of the private sector investments this year.
It reported that due to another disappointing year in 2014, developing countries should see an uptick in growth this year by removing any unnecessary obstacle to private sector investments.
According to a report by the World Bank Group’s Global Economic Prospects released on January 13, stronger United States economy, continued low global interest rates, soft oil prices and receding domestic headwinds in several large emerging markets should enhance growth in developing countries this year.
After growing by an estimated 2.6% in 2014, the global economy is projected to expand by 3% this year, 3.3% in 2016 and 3.2% in 2017, the bank’s twice-yearly flagship report forecasts.
Developing countries grew by 4.4% in 2014 and are expected to edge up to 4.8% in 2015, which strengthen to 5.3 and 5.4% in 2016 and 2017, respectively.
World Bank Group’s President, Mr. Jim Yong Kim, said that in this vague economic environment, developing countries need to wisely deploy their resources to support social programmes with a laser-like focus on the poor and embark on structural reforms that invest in people.
“It is also critical for countries to remove any unnecessary roadblock for private sector investment. The private sector is by far the greatest source of jobs and that can lift hundreds of millions of people out of poverty” kim said.