World Bank Urges FG to Address Private Sector Constraints

The World Bank has called on the Federal Government to tackle key obstacles hindering private sector growth in Nigeria, stressing that reforms in critical areas could unlock billions of dollars in investment and drive economic expansion.

In its latest assessment, the global financial institution highlighted issues such as inconsistent policies, inadequate infrastructure, forex shortages, and high operational costs as major constraints affecting businesses in the country. It emphasized that without urgent interventions, private sector-driven economic recovery could be stalled.

The World Bank advised the government to create a more stable policy environment, improve access to credit, and enhance ease of doing business to attract both local and foreign investors. It also underscored the importance of reducing regulatory bottlenecks, modernizing infrastructure, and ensuring a predictable exchange rate regime to boost investor confidence.

Stakeholders in the business community have echoed similar concerns, stating that Nigeria’s economic growth depends on a thriving private sector. They urged the government to prioritize reforms that support industries, create jobs, and promote economic diversification beyond oil.

With Nigeria facing economic pressures, including declining GDP per capita and rising inflation, experts believe that addressing these private sector constraints is crucial to driving sustainable development and improving the country’s investment climate.