In Lagos, Nigeria’s largest city, things are looking up. Since civilian rule returned to the country in 1999, the city’s government has improved basic services, updated its infrastructure, and increased public safety. And as investors flock to one of Africa’s biggest economies, business there is booming.
Conceived at the 1944 Bretton Woods conference to help rebuild postwar Europe, the World Bank has expanded over the ensuing 70 years into a global organization dedicated to promoting economic growth and reducing poverty -- goals it aims to meet by giving the billions of dollars in gets in contributions from developed countries to developing ones in the form of loans and grants. In 2012, U.S. President Barack Obama broke with tradition by nominating Jim Yong Kim to serve as the institution’s president.