At the World Bank this week: Children’s Savings Accounts, and a state poverty alleviation strategy in Nigeria

From the UK to Singapore, children’s savings accounts programs are gaining traction around the world. And that’s because studies have shown– from Uganda to the United States— that beginning savings and asset-building habits at a young age has a multitude of economic and psycho-social effects on a child. The Global Assets Project has a hand in some of these (most recently, with our work in developing a multi-country youth savings account pilot). And now, it looks like Nigeria is catching on.

Nigeria’s Bayelsa State has the highest per-capita income in the country, due to its rich oil and gas resources. But, unlike a country like Norway, which deposits its surplus petroleum income to the Government Pension Fund, the Nigerian population has hardly reaped the benefits of living in a natural resource-rich state. Lack of transparency and accountability in public financial management is one of the reasons why poverty, unemployment, and an undiversified economy persist.

It’s for this reason that Bayelsa State Governor Timipre Sylva has focused on utilizing the state’s natural resource wealth for the betterment of its citizens’ welfare. The World Bank is assisting the Governor in carrying out his strategic vision, which includes a planned pilot for the introduction of Child Development Accounts. The pilot, which has been developed in collaboration with the Global Assets Project and Columbia University, is still in its planning phase, but holds exciting potential.

This Friday, July 31, from 12:00 to 1:30 p.m., Governor Sylva will speak at the World Bank offices in Washington, D.C., where he will discuss his government’s strategic priorities and the challenges associated with implementing reforms. His remarks will include a discussion of the planned Child Development Accounts pilot project. (Because of space contsraints, please arrive early, and bring an ID to enter the building.)

Reform towards Transparency and Accountability in a Niger Delta State
Friday, July 31, 2009
12:00 – 1:30 pm

Speaker: Timipre Sylva, Governor, Bayelsa State, Nigeria
Discussants: William Byrd, Fragile & Conflict Affected States Unit, OPCS
Hinh Dinh, Office of the Chief Economist & Senior Vice-President, Development Economics
William Kingsmill, Senior Advisor, Office of the Vice-President, Africa Region
Chair: Shanta Deverajan, Chief Economist, Africa Region

RSVP to komondi@worldbank.org

The World Bank
701 18th Street, N.W.
J-Building
Room J-5099
12 PM to 1:30 PM