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World Bank assesses Nigeria’s electricity, job needs

By on April 2, 2014

The Vice President, World Bank and Chief Operating Officer, Multilateral Investment Guarantee Agency, Mr. Michel Wormser, arrived Nigeria on Monday to assess the country’s needs in a bid to help it to mobilise funds for the power sector and other job creating enterprises.

A statement made available to our correspondent in Abuja on Monday by the Senior Communications Specialist, World Bank, Mr. Obadiah Otohomdet, said Wormser would remain in Nigeria till Wednesday, holding talks with relevant government officials as well as the private sector.

The MIGA, which Wormser heads, is the political risk insurance and credit enhancement arm of the World Bank Group. It provides political risk insurance and credit enhancement products that can help to mobilise private investment into projects with high development impact.

The aim of his trip, according to the statement, is to identify areas where the MIGA can help the country to mobilise capital for important infrastructure projects and other job-creating enterprises to meet its development goals.

His meetings with government officials will focus on Nigeria’s infrastructure needs, especially in the area of energy and ports.

He would also meet with companies to discuss how MIGA could increase its support to Nigerian firms as they expanded their outward investment into emerging markets, the bank said.

Wormser was quoted as saying, “Nigeria needs significant investment in its own economy to create jobs and increase competitiveness, especially in infrastructure. MIGA can play an important role in attracting a strong pool of investors and lenders to this market.

“At the same time, Nigeria is playing a prominent role as an investor in other countries in sub-Saharan Africa, and MIGA can help these investors to increase their investments in these new markets.”

He added that MIGA had supported many projects in Nigeria, spanning several sectors, including power, manufacturing, telecommunications and services.

 

 

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