The World Bank has raised concerns over Nigerian states prioritizing infrastructure spending over human capital development, following a 93% surge in revenue, according to reports from THISDAYLIVE and Businessday NG. The World Bank’s warning comes at a time when the economic growth in Nigeria is not yet inclusive, as stated by Ndubuisi Francis and James Emejo in THISDAYLIVE’s report. The surge in revenue, while significant, should not overshadow the need for investment in education, healthcare, water, and other essential services. According to the reports, the World Bank believes that reforms present a unique opportunity for states to upgrade their infrastructure, education, and healthcare systems. The warning from the World Bank highlights the need for Nigerian states to strike a balance between economic growth and social development. The Bank’s call for attention to human capital development is crucial in ensuring that the benefits of economic growth are equitably distributed and that the nation’s human resources are adequately developed for sustainable growth. The World Bank’s warning comes amid Nigeria’s rising AI sector, which has recently gained recognition from the Bank.
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