The bank, in a report made available to our correspondent on Friday, said there was poor quality of education in the country, adding that there was no alignment between the supply of skills and labour market needs.
On infrastructure, it said there was unmet demand and unreliable supply of power, adding, "The business environment is characterised by the lack of transparency, weak quality of regulation and weak enforcement, multiple rules, regulations, fees and agencies across various levels of government. Access to finance and cost of finance are the second and the third greatest constraint to doing business.
"Also, financial markets lack the depth and diversification to drive economic diversification and job creation."
Speaking on the Country Assistance Framework, representative of World Bank, Ms. Indira Konjhodzic, said the objective was to increase and reinforce development results by offering a common strategic partner approach to support the country's development objectives and priorities.
She said, "Consultative process and policy dialogue instruments supporting the establishment of a platform for Nigeria's strong, socially and regionally inclusive, sustained growth; implemented through thematic/sector donor coordination groups.
"CAF priority areas are elaborated separately by each CAF partners and reflected in their respective country programs and strategies. These are within the overall framework of the CAF and are mutually reinforcing across the CAF agencies."
Source: The Punch
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