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ActionAid Nigeria Describes IMF, World Bank Promoters of Bad Economy Policies
ActionAid Nigeria Describes IMF, World Bank Promoters of Bad Economy Policies
By: Michael Mike
ActionAid Nigeria has described the World Bank and International Monetary Fund (IMF) as promoters of bad economy policies on Nigerians, stressing that the two international monetary organisations have
been deeply involved in Nigeria’s economy for decades, pushing policies that have done far more harm than good.
A statement on Tuesday signed by the Country Director, ActionAid Nigeria Andrew Mamedu, said the organisation strongly disagrees with the recent statement made by the World Bank Senior Vice President and Chief Economist, Mr. Indermit Gill at the 30th Nigerian Economic Summit (NES30) in Abuja, urging the Nigerian government to sustain its current economic reforms for the next 10-15 years with no clear plans on how it will cater for the people is misguided and insulting to the millions of Nigerians living through unprecedented economic hardship.
Mamedu said: “This call assumes that continuity and persistence in these policies will yield transformative results, but the evidence tells otherwise. While long-term reform is important, the strategies proposed by the World Bank seem disconnected from the immediate socio-economic realities of Nigeria, especially regarding poverty, weak institutional capacity, and structural economic deficiencies.”
Mamedu added that: “The 2003-2007 reforms which he claims is what Nigeria needs is agreeable in the area of debt cancelation, savings and accountability, but it’s negative effect in the devaluation of naira, subsidy removal and corruption was the bane of that reform.”
He lambasted that: “The World Bank and International Monetary Fund (IMF) have been deeply involved in Nigeria’s economy for decades, pushing policies that have done far more harm than good. The Structural Adjustment Programme (SAP) introduced in the late 1980s remains one of the most devastating legacies of this relationship. It crippled our local industries, especially the textile sector, and opened the floodgates for Nigeria to become heavily dependent on imported goods.”
He explained that: “Before the SAP, Nigeria’s textile industry was a vibrant hub employing hundreds of thousands of workers. However, with the IMF-driven policies forcing cuts in subsidies, import liberalization, and currency devaluation, Nigeria was pushed to shut down its own production capacity. According to the National Union of Textile Garment and Tailoring Workers of Nigeria (NUTGTWN), over 90% of textile products used in Nigeria valued at over $4 billion are imported, primarily from countries in the Global North. These reforms, instead of fostering local economic growth, have funneled wealth out of Nigeria and into the pockets of international financial institutions and foreign economies.”
Mamedu added that: “These reforms lauded by the World Bank have promoted an import-dependent economy, stifling small businesses and local industries. Successive governments have failed to reverse this trend, and the current reforms, such as the fuel subsidy removal and exchange rate unification, continue to hurt small-scale businesses and everyday Nigerians. According to the National President of the Association of Small Business Owners of Nigeria (ASBON), more than 8 million small businesses has shut down within 18 months over economic hardship due to the impact of the economic policies under the administration of former President Muhammadu Buhari and the current administration of President Bola Tinubu.
“This trajectory has driven unemployment and increased poverty levels across the country, with more Nigerians relying on imported goods to meet basic needs. Instead of empowering local entrepreneurs, these policies enrich multinational corporations and external economies, deepening Nigeria’s dependence on foreign imports and exacerbating inequality.”
Mamedu further added that: “While the World Bank celebrates the unification of Nigeria’s exchange rate as the “most effective in 20 years,” it has led to severe hardship for citizens, driving inflation to a 28-year high. Additionally, the sudden removal of fuel subsidies without robust compensatory mechanisms has further eroded household incomes. These reforms disproportionately affect Nigeria’s poorest, pushing the country deeper into poverty while global financial institutions and foreign investors reap the benefits of Nigeria’s open economy.”
He said: “We acknowledge the World Bank’s emphasis on the need for safety nets to mitigate the effects of these reforms. ActionAid Nigeria supports the call for investments in non-oil sectors, job creation, and financing social safety nets through the savings from fuel subsidies. However, it is essential that these efforts are not mere tokenism. Safety nets must be effective, transparent, and sustainable, not reliant on debt-fueled international loans.
It is not only unacceptable but inhumane to ask Nigerians to endure 15 more years of suffering in the name of reforms that have historically failed us. Millions of Nigerians can barely afford food, fuel, or basic services today. Asking them to wait for over a decade for “things to get better” is an affront to their dignity and a reckless gamble with the nation’s future.
“The question is, how many Nigerians will be alive till then to reap the benefits of this reforms, what does the future holds for our children who are currently feeling the brunt of the hardship, will there still be hope for them in 15 years’ time?”
He said: “ActionAid Nigeria emphasizes that Nigerians cannot and will not wait for 15 years for economic policies that will continually inflict hardship. The people of this nation deserve urgent action, not promises of long-term recovery. Every passing day under the weight of these reforms pushes more citizens into extreme poverty and despair.
“We demand that the government rethinks its blind allegiance to the World Bank’s economic blueprint and starts prioritizing the welfare of its people. The government must reject the idea that growth must come at the expense of human lives and begin to invest meaningfully in local industries, small businesses, and sustainable economic models that empower Nigerians rather than enslave them.
“The government must impartially fight one of the root causes of this hardship which is corruption starting with the NNPC as they are at the middle of corruption and responsible for mismanagement of funds from recent reports of the $300 million ‘bailout funds collected from the Federal Government. Amongst all, accountability to the people must take precedence and reforms must be people centered.”
ActionAid Nigeria Describes IMF, World Bank Promoters of Bad Economy Policies
News
Concerned Citizens of Northeast Felicitates with Christians on Christmas Celebration
Concerned Citizens of Northeast Felicitates with Christians on Christmas Celebration
…Urges Sustained Prayers for Peace, Prosperity, Well-being of Region and Nigeria
By: Our Reporter
The Concerned Citizens of Northeast has felicitated with Christians in the State and across the world as they celebrate this year’s Christmas.
CCNE called on the Christian faithful and all citizens of Northeast States to embrace the core values of Christmas which connote love, peace, reconciliation, and selflessness, while reflecting on its deeper spiritual significance.
“As we mark this joyous occasion, we urge everyone to emulate the virtues of love, sacrifice, and compassion demonstrated by Jesus Christ. Let us use this period to promote unity, understanding, and cooperation among ourselves, which are essential for building a harmonious and progressive society.
They encouraged the people of the region to sustain the bonds of brotherhood and communal support, emphasizing the need for continued peace and stability in the state.
The Concerned Citizens of Northeast further called for prayers for the prosperity and well-being of the nation, especially during these challenging economic times.
“While these times are undeniably tough, we encourage everyone not to lose hope but to stay optimistic and committed to the vision of a better Nigeria. Together, we can overcome our challenges and pave the way for a brighter future.
Concerned Citizens of Northeast Felicitates with Christians on Christmas Celebration
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Tsafe community breathing sigh of relief following Killing of Notorious Bandit “Al’jan” by Nigerian troops
Tsafe community breathing sigh of relief following Killing of Notorious Bandit “Al’jan” by Nigerian troops
By Zagazola Makama
Residents of Tsafe Local Government Area in Zamfara State are breathing a sigh of relief following the neutralization of a notorious bandit known as “Al’jan,” who had long terrorized the community.
Originally from Niger Republic, “Al’jan,” whose real name remains undisclosed, settled in Tsafe LGA after working as a motorcycle taxi operator. This job connected him with Fulani herders, leading him down a path of criminality.
Over time, he forged alliances with a bandit group led by Hassan Bamamu, becoming deeply entrenched in acts of banditry and terror throughout the region.
Utilizing his extensive knowledge of Tsafe and its surroundings, “Al’jan” acted as a guide for criminal gangs, orchestrating numerous raids and kidnappings.
He was implicated in several high profile killings, including those of Anas Umar Dan Kanti, Alhaji Musa Ille, and an unnamed Navy officer.
The reign of terror that “Al’jan” inflicted on the community came to an end three weeks ago when security forces successfully neutralized him and several of his associates during a joint operation between Mada and Yandoton Daji in Tsafe LGA.
This operation involved a coordinated effort by soldiers and local vigilantes, who ambushed the gang as they traversed the area.
The elimination of “Al’jan” has brought newfound hope to the people of Tsafe, particularly those residing along the Tsafe-Gusau road, which had suffered from frequent attacks. Residents of Bamamu village, his last known hideout, confirmed his death after viewing his remains.
Tsafe community breathing sigh of relief following Killing of Notorious Bandit “Al’jan” by Nigerian troops
News
Zulum Extends Christmas Greetings to Christians, Vows to Steer Borno Towards Recovery
Zulum Extends Christmas Greetings to Christians, Vows to Steer Borno Towards Recovery
By: Our Reporter
Borno State Governor, Babagana Umara Zulum, has felicitated with the Christian community in the state on the occasion of Christmas, urging unity and support for his administration’s development efforts.
In a message delivered through his spokesperson, Dauda Iliya, Governor Zulum emphasized the importance of collaboration in achieving the state’s goals outlined in the 10-Pact Agenda, 25-Year Development Plan, and 10-Year Strategic Initiatives.
Zulum called on Christians to use the spirit of the season to promote love, forgiveness and good neighbourliness.
“On behalf of the Borno State government, I extend warm greetings to my Christian brothers and sisters on this joyous occasion,” Governor Zulum stated. “I pray for a peaceful and prosperous celebration, and encourage all citizens to use this season to support the less privileged, fostering stronger relationships across all communities.”
Governor Zulum highlighted that his administration will prioritize post-conflict and post-flood recovery to improve the living standards of the people.
He reaffirmed his commitment to providing quality leadership and driving positive change to ensure sustainable growth for the State.
“The task of rebuilding Borno is a collective one,” he continued. “I am dedicated to leading efforts that will transform the state and elevate its citizens to path of prosperity.”
In response to the challenges posed by the removal of fuel subsidy and the ongoing economic difficulties, Governor Zulum’s administration is providing crucial support to vulnerable populations.
This includes the introduction of a mass transport system, distribution of relief items to over 35,000 returnee households, and enrollment of over 94,000 vulnerable individuals into a free healthcare program.
The Governor also expressed his appreciation for the Christian community in maintaining peace and unity throughout the state.
“I sincerely thank the people of Borno for their continued support over the past five and a half years,” Governor Zulum added. “I assure you that my administration remains steadfast in its commitment to securing lives, restoring livelihoods, and revitalizing the state’s economy.”
Zulum enjoins all citizens to be law abiding throughout the festive period and beyond as government is doing everything possible to ensure sustainable peace in Borno State.
Zulum Extends Christmas Greetings to Christians, Vows to Steer Borno Towards Recovery
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