Don’t wait for oil price rebound, develop mining sector - World Bank tells Nigeria

Don’t wait for oil price rebound, develop mining sector - World Bank tells Nigeria

- The World Bank has advised the Nigerian government to tap into the mining sector to rescue the country from post-COVID-19 economic woes

- The global financial institution said Nigeria should not wait for a rebound of oil prices in the global market

- Meanwhile, Nigeria's former VP Atiku Abubakar has also advised the FG that reducing the nation's expenditure is Nigeria's best way out of the economic situation caused by Covid-19

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As the coronavirus pandemic ravages the global economy, the World Bank has advised Nigeria to develop its mining sector to help mitigate the post-COVID-19 economic shocks.

World Bank's Mike Stanley advised the Nigerian government not to wait for a rise in the oil prices in the global market, ThisDay reports.

According to the newspaper, Stanley said waiting for oil prices to rebound may not yield the expected result because of the possibility of an oversupply of the commodity in the market from other oil-producing countries.

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Coronavirus: World Bank advises FG on how to save Nigeria's economy
Coronavirus: World Bank advises FG on how to save Nigeria's economy. Photo credit: Femi Adesina
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He said the repeated crash in oil prices indicate that the Nigerian government has to focus on a revenue-generating sector such as solid minerals. gathers that the advice was contained in a statement issued on Monday, June 1, by the World Bank, PricewaterhouseCoopers and the Nigerian Institute of Mining and Geosciences.

The organisations urged the government to tap the economic potential of mining with the continued declining oil prices in the global market.

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Meanwhile, Nigeria's former vice president Atiku Abubakar has advised President Muhammadu Buhari on the country's best way out of its present economic situation after slashing the budget by 0.6%.

The presidential committee on the impact of the coronavirus on Nigeria’s economy had earlier disclosed that the economy is facing serious challenges due to the COVID-19 pandemic.

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Timipre Sylva, the minister of state for petroleum resources, said the Nigerian economy was not in the best shape due to falling oil prices caused by the coronavirus pandemic. reports that Atiku in a series of tweets posted on his Twitter page on Thursday, May 14, stressed that reducing the nation's expenditure is the best way out of this economic situation.

The presidential candidate of the Peoples Democratic Party (PDP) during the 2019 general election, further said that his counsel to the Nigerian government is to "put Nigerians first and cut your coat, not according to your size, but according to your cloth."

Atiku explained that the budget to run the presidency and legislature has to be downsized. This includes not buying luxury cars for the resident, his vice, or any other political office holder.

He added that any budget slash that is less than 25% will not be in the interest of the nation.

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Atiku urged the government to leave the salaries of civil servants but reduce that of political appointees and sell 8 or 9 of the jets in the Presidential Air Fleet.

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