The president of the World Bank, Ajay Banga, visited Nigeria to reaffirm support for the bank’s aspirations “for Nigerians to live with dignity in a prosperous and climate-resilient Africa”.
In a CNBC Africa exclusive interview on Monday, Banga disclosed: “Talks with President [Bola] Tinubu have given me some direction. Africa is important to the world. Ethiopia and Nigeria can become African giants. Nigeria and Ethiopia have ambitious governments with similar challenges.”
He added: “Job creation requires policies that leverage comparative areas. Hard country negotiations over debt is ongoing. Concessional finance and grants [are] needed to complement private sector resources. There are partners we can work better with.”
According to a statement by presidential spokesman Ajuri Ngelale, Tinubu highlighted Nigeria’s resilience and intellectual prowess when he received a visit on Friday from a World Bank delegation led by Banga, at the Presidential Villa, Abuja, Nigeria’s Federal Capital Territory.
‘‘We stand as a vibrant and educated society, seeking to avert chaos through strategic interventions. Your proactive engagement aligns with our quest for partnership, and together, we shall pursue mutual benefits that enrich us all,’’ Tinubu was quoted to have said.
Banga, according to the statement, responded saying: ”Yes, we give money and our dollars are very important, but where we are really helpful is our expertise and knowledge and our experience from many markets. In that way, we will always be your friend and partner, not just with the money, but with our minds and our hearts, and you should be rest assured about that.”
During a private sector roundtable also convened on Friday by Banga and Damilola Ogunbiyi, CEO of Sustainable Energy For All (SEforALL), discussions were held on the crucial role electricity plays in the country’s economic development.
The World Bank notes that 85 million Nigerians lack access to electricity, and if left unaddressed, this figure is expected to rise to 94 million by 2030.
Ahmad Salihijo, Managing Director and CEO of the Rural Electrification Agency, disclosed joining Banga, Ogunbiyi, and other stakeholders on a visit to Petti Village in Abuja, on Saturday. They have “through the World Bank-funded Nigeria Electrification Project, deployed a 60 [kilowatt peak] KwP solar mini-grid, closing the energy gap in this vibrant, agrarian community”. The World Bank tweeted it aims “to assist in funding the construction of 1,000 mini solar power grids in partnership with the Nigerian government and the private sector”.