World Bank ranks Nigeria’s revenue to GDP lowest, recommends diversification
Written by crest887fm on July 27, 2021
Nigeria’s revenue-to-Gross Domestic Product ratio, which fell to between five and six per cent last year, is the lowest in the world, the World Bank said on Monday.
The Country Director for Nigeria, World Bank, Dr Shubham Chaudhuri, said this during a panel session at a virtual public sector seminar with the theme ‘Nigeria in challenging times: imperatives for a cohesive national development agenda’
Chaudhuri, who stressed the need for private investment for the country to realise its potential, said the private sector in the country ‘is struggling to breathe’.
He noted the aspiration of the President Muhammadu Buhari to lift 100 million Nigerians out of poverty by the end of the decade.
According to him, Nigeria is a country with tremendous potential, which suggests it is at a critical juncture, almost at the moment of crisis.