Credit bypassing Nigeria’s job creators—World Bank Official
‘Capital is not the problem’ The World Bank official dismissed concerns that Nigeria’s primary challenge was a shortage of capital, pointing to the size of domestic and global pools of funds available for investment.
Bertine Kamphuis, Lead private-sector development specialist with the World Bank, delivering the keynote address at the ongoing CIBN19th annual conference in Abuja According to the specialist, domestic credit to the private sector stood at about 13 per cent of Nigeria’s Gross Domestic Product (GDP), among the lowest levels compared with similar economies.
The World Bank said its focus would remain on working with Nigeria to move capital towards sectors and businesses capable of creating sustainable employment and driving private-sector-led growth.
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