World Bank Reveals Inefficiencies Cost Nigeria, Others Billion Dollars

A report by the World Bank has exposed the significant losses Nigeria and other developing nations incur due to inefficiencies in public spending.

The report, titled “How Can Developing Countries Power Up Public Investment?”, reveals that over a third of public investment in emerging markets and developing economies is lost to inefficiencies.

According to the report, institutional weaknesses, such as regulatory bottlenecks and corruption, often result in lower-quality projects.

The World Bank estimates that more than a third of public investment in these economies may be lost to inefficiency, far more than in advanced economies.

The report states, “Improvements in government spending efficiency are essential for maximising the benefits of public investment. Institutional weaknesses, such as regulatory bottlenecks and corruption, often result in lower-quality projects.”