Oil wealth can’t enhance development –World Bank chief

The Vice President (Africa), World Bank, Dr Oby Ezekwesili, has warned the nation’s leaders against working against development through uncontrolable sharing of oil wealth. Ezekwesili, a former Minister of Education in the former President Olusegun Obasanjo’s administration, argued that rather than depending solely on oil wealth, Nigeria and other oil-rich African countries should start investing in human capital development and sustainable agricultural programmes to transform their economies. The former presidential aide spoke in Abeokuta on Monday during the inauguration of Feed Africa Programme organised as part of activities marking the 75th birthday of Obasanjo. The FAP, which is initiated by the Centre for Human Security, Olusegun Obasanjo Presidential Library, Abeokuta, to tackle the threat of food insecurity, is to take off as a pilot scheme in Delta State.  In a keynote address on the occasion, Ezekwesili lamented the

overdependence on oil wealth and non-renewable capital by African countries. She noted that oil wealth alone could not translate into economic development. She canvassed the proper management of the natural endowment for human and physical capital development to enhance food security in the African continent. Ezekwesili cited Japan and Singapore as examples of non-oil producing countries that ranked among the greatest nations of the world with the robust economies, urging Nigeria to take up the challenge of. continued