The World Bank Urges Buhari to Probe NNPC, Others

The World Bank has thrown its weight behind Muhammadu Buhari, president-elect, to probe the Nigerian National Petroleum Corporation (NNPC) over allegations of missing funds and insisted that such move would check impunity and build public institutions in the future.

The bank also commended President Goodluck Jonathan for exhibiting political maturity after the March 28 presidential election that would end the tenure of his administration on May 29.

Mr. Francisco Ferreira, chief economist for Africa, the World Bank stated this while speaking in a video conference from Washington to journalists from across Africa on the release of the bank’s analysis of issues shaping the continent entitled, ‘Africa’s Pulse’.

He said, “One norm that has to change is the norm of impunity. I am from Brazil myself. So I am also used to a country where people could be corrupt and escape justice. That keeps the people to keep doing it.

“So, the current stand of the government-elect to look into what happened in the past hopefully will have consequences for the future. And those consequences will be that institutions will be stronger; norms will be cleaner and people will not have to steal millions of dollars from the Nigerian National Petroleum Corporation.

“People have alleged in the past that there had been major corruption scandals there. If that stops, then that will have very high returns in terms of the money staying around to be spent on education, health, roads and power that the poor people across the country need.

“So, my sense is that it will be good to promote cleanliness in politics.”

Answering question on some other African countries that have elections between 2015 and 2017, Ferreira said there was no need to be afraid, adding that the fear of elections would drive away investments from the region.

He said the example that had been shown by Jonathan and Nigeria in the just-concluded general election showed that the continent could get it right in terms of transition to new governments.

Ferreira praised Jonathan for political maturity that he exhibited during the elections, adding that if Nigeria could get it right; other countries in the region should also be able to get it right.

Answering a question from a South African journalist on the possibility of the country overtaking Nigeria as the largest economy on the continent given the fall of Nigeria’s main export, crude oil, Ferreira said it did not look plausible.

Also answering a question from an Angolan journalist on who between Nigeria and his country was managing the fall in oil prices better, the World Bank expert said both countries were doing well in putting measures in place to check the decline.

He praised both countries for allowing their currencies to float according to market forces rather than living in denial of the crisis occasioned by the decline in crude oil exports.

Ferreira, however, added that Nigeria stood a better chance to recover faster from the decline because the structure of the country’s economy was more diversified than that of Angola.