Nigeria performs low in World Bank projects’ implementation – FG
According to the government, problems such as bureaucratic delays, capacity constraints, political intervention, and getting diverse and misaligned approvals procedures between local authorities and development partners all have an impact on the implementation process.
According to Zainab Ahmed, Minister of Finance, Budget, and National Planning, these issues have contributed to Nigeria’s poor ranking in terms of the degree of execution of World Bank-funded projects, according to the World Bank.
He presented this information during a retreat for members of the National Assembly on process optimization in donor-financed projects in Nigeria. The session was organized by the National Assembly.
The conference with theme, “Process optimisation in donor-financed projects in Nigeria,” is part of efforts to foster a new level of synergy and collaboration with the National Assembly to further accelerate the level of implementation of donor financed programmes and projects in Nigeria.
As stated by the minister, the necessity of holding a retreat stems from the government’s aim to complete planned initiatives that will contribute to sustained economic and national development.
Donor money, particularly from multilateral organizations such as the World Bank and the African Development Bank, is a significant source of funds for the implementation of critical projects in Nigeria.
While acknowledging a financing shortfall, the minister stated that when borrowed monies are not appropriately utilized, growth is hampered and economic progress is distorted.
She said, “An in-depth review of the level of implementation of the entire development projects reveal that delays in the execution of donor-funded projects stems from factors including bureaucratic bottlenecks, capacity challenges, political interference and challenges associated with obtaining varied and misaligned approvals processes between our local authorities and development partners.