Many African financial experts are not sure what to make of the activities of the World Bank Group in the developing countries. Some of them will swear that the bank whose actual name is International Bank for Reconstruction and Development, IBRD, is not really keen in developing Africa. Others will say the Bank is clearly pursuing the interests of the Western world. Whatever is the case, the World Bank has allocated over $14 billion to beef up economic activities in African countries in order to achieve two set goals – meet its own target and deliver its 2030 Agenda.
The Bank’s Country Director in Nigeria, Rachid Ben, who made this known at a forum in Abuja last Friday, explained that the process would be under International Development Association, IDA, for fragile nations in the continent. Mr. Ben said they would continue to find new initiatives to reach the poor and boost shared prosperity, pointing out that “Development financing is happening in uncertain economic times.”
According to him, “Financing development in 21st Century is not what we are supposed to do as the guidelines are already there; rather it is how we are collaborating for maximum impact by investing in win-win solutions.”
The Country Director further stated that the Bank would continue to work with client countries to deliver the agenda in three critical areas, finance, data and implementation, in a sustainable manner. He declared that the world is passing through multiple overlapping challenges, epidemics, climate change, violence and conflict situations, threats of famine and increased vulnerability to natural disasters.
Contributing, Prof. Peter Onwualu of African University of Science and Technology, Abuja, stated that Africa has all it takes to use material resources to solve its problems. He urged African youths to do more research work by enrolling in Masters and Ph.D. programs, stressing that only Africans can solve African challenges in the 21st Century.
In his presentation entitled “Development through Inclusive Technology: The Role of Youth in African Development, Chinemere Obewe advocated inclusive science and technology to achieve sustainable development in the continent.
He cited critical areas to be tackled, which include rising youth unemployment, infrastructure deficit, flight in human resources, food insecurity and lack of accountability in governance in sub-Saharan Africa.
