World Bank Team to Hold Strategy Meeting with Nigerian Officials over Failing Economy

A team of World Bank officials has arrived in Nigeria for a strategy meeting with high-powered government policymakers including the 36 state governors and ministers in a bid to find solutions to the country’s fast-failing economy.

The meeting is being arranged at the instance of the Nigeria Governors’ Forum (NGF), which has fixed the 2022 edition of the NGF teleconference meeting, a yearly event for Tuesday, with a focus on the economy, among other issues. The Washington D.C. US-based Bretton Woods institution team of experts would be led by its Country Director, Dr Shubham Chadhuri.

The governors have been on the receiving end of the almost prostrate economy Nigeria has been beset with in recent years, which has worsened recently with inflation hitting the roofs and revenue dwindling as a result of zero accruals from oil revenue, which may see many of them not meeting their financial obligations, including paying salaries.
The NGF in a statement on Monday by its spokesman, Abdulrazaque Bello Barkindo, said: “Three ministers would address the 36 governors when they converge at Tuesday’s meeting on July 26th, as the 36 governors meet virtually in their 5th teleconference meeting for 2022.

“The economy will dominate the meeting as the Minister of Finance, Budget and Planning Hajiya Zainab Ahmed and the World Bank, led by its Country Director, Dr Shubham Chadhuri and other key stakeholders in the economic sector make presentations.
“The invitation which was issued by the Director General of the Nigeria Governors’ Forum (NGF), Asishana Bayo Okauru, will begin from 2 pm.

“All Governors are expected to link up from 1 pm. This meeting was scheduled to take place last week Wednesday but due to some political exigencies which resulted in the absence of many APC governors, the meeting had to be postponed till tomorrow, Tuesday, the 25th of July.

“This postponement was occasioned by the need for the Finance Minister to consult with Governors on the Medium-Term Expenditure Framework (MTTF) 2023-2025 before presenting her proposals at the Federal Executive Council on Wednesday.
“Other presentations include the state onboarding Process for the Livestock Productivity and Resilience Support Project (L-PRES) Effectiveness by the Minister for Agriculture, Dr. Mohammad Mahmood Abubakar.

“Governors are also expected to deliberate on and endorse the Primary Healthcare Challenge Fund which will be presented by the officials of NPHCDA and UNICEF. Meanwhile, the Minister of Health, Dr. Osagie Ehanire is also expected to make a presentation on the Global Fund.

“All these will be proceeded by the Chairman and Governor of Ekiti State, Dr Kayode Fayemi’s opening remarks which usually sets the tone for the issues of the day.”