President Umaru Yar’adua’s idea of making Nigeria one of the 20 leading economies of the world by the year 2020 may not succeed, the World Bank has said.

World Bank President Dr. Robert Zoellick said yesterday in Abuja that while the Vision 2020 is a noble one, the reality on ground shows that Nigeria is still far off the mark.

Zoellick spoke through the World Bank’s Vice President for Africa Obiageli Ezekwesili at the Nigeria Infrastructure Summit in Abuja. Ezekwesili was a minister in the immediate past regime.

He said a lot still needed to be done if Nigeria was to achieve its vision of joining the world’s 20 developed economies by the year 2020.

Zoellick said a comparison with Turkey which is number 17 among world’s leading economies showed that Nigeria could hardly beat the deadline especially because of its intractable power crisis.

The World Bank President said while indirect costs borne by firms in Nigeria amount to 15 per cent, in China it is 5 per cent, India 10 per cent and only 2 per cent

in South Africa.



He said, "This competitive deficit translates into foregone income and lost jobs. Whilst not everyone agrees on the exact amount of investment needed to bridge Nigeria’s infrastructure gap, everyone agrees that it far exceeds what the government budget could ever finance alone.

"The same is true for the subsequent maintenance and recurrent costs required to keep the infrastructure working. Just to give you an idea of the order of magnitude for Africa, it would need $22 billion every year for infrastructure investment plus another $18 billion every year for operations and maintenance."

Zoellick said the bank has provided capital financing for Nigeria in the areas of transportation, power, water and sewage to the tune of $1.13 billion since 1999.

The way forward for the country to attain its Vision 2020 and Public/ Private Partnership (PPP) policy, he said, include developing a legal and regulatory environment for effective and transparent procurement procedures among others.

Zoellick said while Nigeria is currently investing around 7 per cent of the Gross Domestic Products (GDP) on infrastructure above other Sub-saharan Africa, it is behind Mozambique with 12 per cent of GDP and China with 14 per cent.

"We all know why infrastructure is key to the battle against poverty and the realization of the Millennium Development Goals. For example, access to water explains some 25 per cent and 37 per cent respectively of infant and child mortality rates differences between rich and poor countries," she said.

(Dailytrust 08/08/08)

Do we honestly think Nigeria would be anywhere near being one of the 20 leading economies of the world by the year 2020? Do we honestly think with the way things are going in Nigeria there will be any positive change by the year 2020?

ayomifull:


Do we honestly think Nigeria would be anywhere near being one of the 20 leading economies of the world by the year 2020? Do we honestly think with the way things are going in Nigeria there will be any positive change by the year 2020?

Nope

Vision 2020 is unrealistic.

ayomifull:

President Umaru Yar’adua’s idea of making Nigeria one of the 20 leading economies of the world by the year 2020 may not succeed, the World Bank has said.

World Bank President Dr. Robert Zoellick said yesterday in Abuja that while the Vision 2020 is a noble one, the reality on ground shows that Nigeria is still far off the mark.

Zoellick spoke through the World Bank’s Vice President for Africa Obiageli Ezekwesili at the Nigeria Infrastructure Summit in Abuja. Ezekwesili was a minister in the immediate past regime.

He said a lot still needed to be done if Nigeria was to achieve its vision of joining the world’s 20 developed economies by the year 2020.

Zoellick said a comparison with Turkey which is number 17 among world’s leading economies showed that Nigeria could hardly beat the deadline especially because of its intractable power crisis.

The World Bank President said while indirect costs borne by firms in Nigeria amount to 15 per cent, in China it is 5 per cent, India 10 per cent and only 2 per cent

in South Africa.



He said, "This competitive deficit translates into foregone income and lost jobs. Whilst not everyone agrees on the exact amount of investment needed to bridge Nigeria’s infrastructure gap, everyone agrees that it far exceeds what the government budget could ever finance alone.

"The same is true for the subsequent maintenance and recurrent costs required to keep the infrastructure working. Just to give you an idea of the order of magnitude for Africa, it would need $22 billion every year for infrastructure investment plus another $18 billion every year for operations and maintenance."

Zoellick said the bank has provided capital financing for Nigeria in the areas of transportation, power, water and sewage to the tune of $1.13 billion since 1999.

Simple solutions have existed since way before 1999 but we are still making excuses for government even up till 2008.

ayomifull:

The way forward for the country to attain its Vision 2020 and Public/ Private Partnership (PPP) policy, he said, include developing a legal and regulatory environment for effective and transparent procurement procedures among others.

Freedom of Information bill ring a bell? We are almost two years into another “democratic” administration and still no hope for the bill.

ayomifull:

Zoellick said while Nigeria is currently investing around 7 per cent of the Gross Domestic Products (GDP) on infrastructure above other Sub-saharan Africa, it is behind Mozambique with 12 per cent of GDP and China with 14 per cent.

"We all know why infrastructure is key to the battle against poverty and the realization of the Millennium Development Goals. For example, access to water explains some 25 per cent and 37 per cent respectively of infant and child mortality rates differences between rich and poor countries," she said.

(Dailytrust 08/08/08)

Do we honestly think Nigeria would be anywhere near being one of the 20 leading economies of the world by the year 2020? Do we honestly think with the way things are going in Nigeria there will be any positive change by the year 2020?

I doubt the mission and vision more than the WB does

which vision ha ha ha !!!!!!!!!!!!!!

ayomifull:


(Dailytrust 08/08/08)

Do we honestly think Nigeria would be anywhere near being one of the 20 leading economies of the world by the year 2020? Do we honestly think with the way things are going in Nigeria there will be any positive change by the year 2020?

If Yaradua’s administration can capitalize on some of the basic foundation, laid by Obasanjo’s Administration. There is a possibility.

airegin:

If Yaradua’s administration can capitalize on some of the basic foundation, laid by Obasanjo’s Administration. There is a possibility.

The ones he has reversed already

McKren:

The ones he has reversed already

Exactly!!!

Yar'adua is basically pandering his constituency. . . . .

The sands and shrubs of the Sahel in Northern Nigeria.

Illusion 2020 Make them keep pushing it up. . . next thing we go hear Vision 2050

doyin13:

Yar'adua is basically pandering his constituency. . . . .

The sands and shrubs of the Sahel in Northern Nigeria.

Very well said.

@ poster, not surprised at their scepticism.there is no serious intent on our path to achieving that vision.

grafikdon:

Illusion 2020 Make them keep pushing it up. . . next thing we go hear Vision 2050

WELL SAID


ILLUSSION 2020 ( i call it police N20 N20 vision)

maybe we can become top 20 nation in 2050 if we start now.


The entire leadership of Nigeria lack direction. The only thing they know is corruption and if one thing is certain unless we change our direction we will still be top 20 corrupt nation.

If they are fooling me I refused to fool myself. We are in a ruderless ship and we have been in it for a long time,

Lord have mercy.

not only world bank doubt MR PRESIDENT VISION 2020, NIGERIANS equally did, how realistic.

thanks

Yar'Adua's vision? I am even astonished at the suggestion that the President has a long term vision for the country.

4 Play:

Yar'Adua's vision? I am even astonished at the suggestion that the President has a long term vision for the country.

For real, he came in without a clear vision, no comprehensive short or long term plans. His government is dragging its heels on the important issues. The seven point agenda is a list anyone with a decent IQ could have drawn up. The fact is that he never had detailed plans on how to realise each point on the agenda. He lacks the sincerity to move the country forward and seems to be constrained, willingly or otherwise. Major issues like efficient power supply and a peaceful Niger Delta seem more of a mirage at the moment and the government's posture inspires little confidence. Right now, vision 2020 is definitely unrealisable.

I guess they was right? Isn’t it ? But come to think of it 12 years from 2008 and we are still at the same spot if not far worse !!

Far worse. This was way before Boko Haram, Nnnamdi Kanu, Niger Delta Avengers, SARs, Apostle Suleiman, Patience Jonathan, Wizkid and Davido.

A whole lot of psycho has happened in these past 12 years.

Is this 2020 or another one yet to come?