Economy

Sluggish growth affecting Nigeria, other African countries – W’Bank

The World Bank has stressed the need to boost labour output in Africa, stating that sluggish productivity growth is making the continent lag behind many developing nations.

This was contained in a press release on the World Bank’s website, announcing the publication of a report titled, ‘Boosting Productivity in Sub-Saharan Africa’.

The statement read in part, “A comprehensive agenda to boost worker output in Africa is vital for the continent’s post-pandemic recovery and long-term prosperity, as well as protection against the impacts of climate change,  says a new World Bank report.

“Sluggish growth in productivity, a key driver of growth and development, has left the region lagging behind many developing countries which have powered to prosperity on the back of productivity gains, says the ‘Boosting Productivity in Sub-Saharan Africa’ report.”

The bank urged that efforts should be made to direct resources to the most productive firms in the sectors that hold the most promise for the continent.

The World Bank Chief Economist for Africa, Albert Zeufack, was quoted as saying, “Continual and sustained increases in productivity are critical for ending poverty and improving prosperity in Africa. Given the host of global and local challenges confronting Africa, policymakers must ensure that precious resources are optimally allocated to sectors which are important for durable long-term growth that is inclusive, resilient and sustainable.”

Also quoted was the World Bank Lead Economist in the Office of the Chief Economist of the Africa Region, César Calderón, saying, “A comprehensive policy agenda that boosts productivity and leads to economic prosperity for the people and countries of Africa is needed. Measures to reduce misallocation of resources can lay a strong foundation for building resilience against other impediments to productivity, including conflict, political instability, natural disasters, epidemics, terms-of-trade deterioration, and sudden stops in capital inflows.”

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