World Bank Managing Director, Ms Sri Mulyani Indrawati shaking hands with President Muhammadu during the visit of World Bank Executives to the Presidential Villa in Abuja The World Bank met with President Muhammadu Buhari to discuss how the country can avoid an economic crisis due to the drastic fall of crude oil prices. The president plans to fire up the failing economy with a record 6 trillion naira (31 billion) budget. In order to do this the country will have to borrow 1.8 trillion naira, from out of the country and in state, to help finance the budget. Nigeria discussed the possibility of a line of credit or loan with World Bank Managing Director and Chief Operating Officer Sri Mulyani Indrawati, but she did not mention this when addressing reporters after the meeting. "We would like to know how we can help Nigeria to make the very important decisions, whether on micro economic policy and other sectoral policy, that will make this economy move forward to become a strong middle income country," she said. After meeting Finance Minister Kemi Adeosun, Indrawati mentioned the talks with the president included the administration’s "commendable goals to improve tax collection and crackdown on corruption.” The oil sector was in decline, albeit at a slower rate than in the previous year. Oil and gas GDP was estimated to have declined by 1.3%, relative to a decline of 13.1% in 2013. The sharp decline in oil prices, since the third quarter of 2014, has posed major challenges to the country’s external balance and public finances. Oil accounts for close to 90% of exports and roughly 75% of the country’s consolidated budgetary revenues. #AfricanCapsule #Nigeria #WorldBank #oilpricesdropping #NigerianEconomy #Buhari #Indrawati
