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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
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Period poverty: NEEM Foundation distributes sanitary pads to over 300 student in Abuja
Period poverty: NEEM Foundation distributes sanitary pads to over 300 student in Abuja
By: Michael Mike
NEEM Foundation, a Non-Governmental Organisation (NGO) has distributed sanitary towels to over 300 students in Abuja as part of its commitment to end period poverty among young school girls,
The foundation carried out the empowerment scheme in collaboration with the Regent Schools Abuja, at the Junior Secondary School, JSS, Jabi 1, Abuja.
Head legal, Neem Foundation, Nancy Oyibo
said conversations around menstrual health and hygiene should be normalised, noting that access to menstrual hygiene products is crucial to healthy living, well being and dignity of all women and girls in the society.
She said empowering women to take charge of their menstrual health is not just essential but transformative.
Oyibo said: “We discovered some issues of health as some young girls cannot afford sanitary towels during their period. We thought it was imperative, following the rate of inflation to help the young ladies, the future of our country.”
She disclosed that “this is our second distribution in Abuja, we have also done few distributions in Maiduguri.”
She noted that the target goal is to create a pad bank in schools, as according to research carried out by the organisation revealed that female students sometimes miss school during the period of their menstrual flow.
She said: “This is just a step to many activities to be carried out in this light. We are going to take this all the way to where it needs to get to and to pass on this message so people can understand the effect this has on the education system for young girls.
“We do not want to have girls in situations where they are vulnerable and not proud of something that comes naturally. We want them to come confidently knowing they have nothing to worry about as they can compete with their male counterpart in school and ensure that they get the best out of it.
“For now, we are engaging mostly the girls as we realized that, most of them are shy to discuss topics related to menstrual hygiene, so this stage is to have an interaction with them, to make them comfortable. This factor made us ensure we have male personnel among us to talk about these issues as a gradual process, then subsequently, we include the boys in the discuss.
“This whole situations stems from the home as some homes do not seem it right to discuss issues of menstrual hygiene publicly. This is how some people grew up and we are trying to change that narrative with a focus on spreading the word to everyone.
During an interactive section with the student, Legal Assistant Neem, Aliyyah Abdulkadir disclosed that the organisation saw it necessary to provide sanitary towels from the opinion that, you girls should not stay out of school, or have to choose between school and menstrual care.
She charged the students to be agent of change, in making concerted efforts to educate others in a bid to break the culture of silence.
For her part, the Executive Assistant to the Executive Director, Aisha Muniru Mai, speaking on the up coming 16 days activism on Violence Against Women, said: “We are keying into the issues with specific interest to access to education.
“One of the things we overlook is the period poverty. As if you do not have access to menstrual hygiene products, it will be difficult to go to school and learn. As such we are highlighting period poverty, teaching the children the signs and things they need to be aware of to identify violence and report to appropriate quarters.
The Director/Principal, JSS, Jabi 1, Dr. Grace Ifeyinwa Onyeanusi expressed profound gratitude to NEEM Foundation for the kind gesture as it will go a long way in helping the students maintain hygiene during menstruation.
One of the beneficiaries, A JSS 3 student Tega Praise Ogaga, expressed her appreciation to NEEM Foundation, disclosing how sometimes she is scared to approach her parents to purchase sanitary towels during menstruation and will have to use a single pad for a long period.
She said, “Sometimes I resolve to using rags or more than one pant, which is very discomforting, but with the sanitary towels from NEEM Foundation, I will not have to make any demands from my parents in a while.
Neem Foundation is a leading crisis response organisation committed to promoting the protection and wellbeing of populations and communities living in contexts affected by conflict, violence, and fragility.
Period poverty: NEEM Foundation distributes sanitary pads to over 300 student in Abuja
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Flame Initiatives, RCCG empowers widows in FCT
Flame Initiatives, RCCG empowers widows in FCT
By: Michael Mike
As part of its commitment to foster empowerment in marginalised communities, Flame Initiatives, a Non-Governmental Organisation under the CINTA Widows Empowerment Programme, has donated food items, funds, and other materials to widows in the Federal Capital Territory (FCT).
The outreach carried out in Abuja, was in collaboration with the Redeemed Christian Church of God (RCCG), The Lord’s Place.
Speaking, the Lead Pastor of the RCCG, the Lord’s Place, Pastor Ola Omosebi, charged the Federal government to make concerted efforts to enhance the current economic situation facing the country, deploying urgent solutions without altering long-term policies.
Pastor Omosebi said the church is emulating how Christ fed 5,000 persons during famine while asking the government to act fast to ameliorate the suffering of the people.
“The major direction of this event is to have at least one day a year where widows are brought together and empowered with soft skills, business skills, enterprise skills and encouragement. One of the things this program offers is hope. “
He urged the government to support widows through sustainable initiatives. Providing a dedicated secretariat advocating for women, particularly widows, with government representatives.
“People are struggling to make ends meet, and the prolonged hardship is leading to depression, despair, and even death. The government must prioritize quick-fix solutions alongside long-term plans to restore hope and confidence in the economy.”
Also speaking, the Mandate Secretary, Women Affairs Secretariat of the FCT Administration (FCTA), Dr Adedayo Benjamin-Laniyi, expressed empathy for the resilient widows, noting that one cannot understand what it means to be in their shoes.
Laniyi, represented by her Personal Assistant, Mrs. Kemi Samuel, noted the fundamental role a husband/father plays, stating that loss can change lives and test the core of beings.
She celebrated the widows for their resilience and strength while acknowledging the challenges amidst the hardship and grief come the capacity to adapt.
She said, “We are here to support one another. Let today be a reminder to encourage and uplift one another.
“It’s an honour to celebrate strength, resilience, and community.
She noted that the event is a testament to the extraordinary courage and unwavering determination of everyone who has navigated the challenges of widows.
Also, the President of Widows Organisation International FCT Chapter, Aisha Baba Ringo, advised widows to persevere and be hardworking.
According to her, “Being a widow doesn’t mean all hope is lost, it’s also not a stigma”.
A beneficiary of the programme, Ms Oyeyemi Obende, said the programme has been educative, innovative and supportive. She advised widows not to give up even if the world looked down on them.
Flame Initiatives was established to provide the disadvantaged and mainly rural population with relief materials, motivation, and empowerment to improve their physical and social well-being. Their main objective is to drive social change in communities by facilitating development in the public and private sectors.
Flame Initiatives, RCCG empowers widows in FCT
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COMMISSIONER OF EDUCATION RECEIVES MD NELFUND IN MAIDUGURI; INTERFACES WITH STUDENTS AND ERADICATORS
COMMISSIONER OF EDUCATION RECEIVES MD NELFUND IN MAIDUGURI; INTERFACES WITH STUDENTS AND ERADICATORS
By: Our Reporter
The Managing Director of the Nigerian Education Loan Fund NELFUND, Akintunde Sawyerr, has visited Borno State to engage with students, educators, and government officials, highlighting the benefits of the NELFUND initiative.
NELFUND, an initiative of President Bola Ahmed Tinubu’s Renewed Hope Agenda, aims to provide all higher institution students with access to financial resources, enabling them to pursue their educational goals and aspirations at ease.
The Managing Director NELFUND Akintunde Sawyerr emphasized his commitment to revitalizing education in the country, stating that the loan programme is designed to also reduce unproductivity and unhappiness amongst Nigerians students, which often lead to broader societal issues.
Sawyerr explained The loan’s modalities, which include creating an online profile as a prerequisite for application, clarifying that the loan is interest-free and does not require a fixed repayment period, making it accessible and flexible for students.
Borno State Commissioner for Education, Science, Technology, and Innovation, Lawan Abba Wakilbe, reiterated the state government’s commitment to facilitating student access to the loan, hence announced the establishment of a dedicated desk officer for NELFUND in the state Ali Sherriff to work in collaboration with the Special Adviser to governor Zulum on Higher Education and other educators.
This initiative, Wakilbe added will guide students throughout the application process and ensure they fully understand THE benefits of the loan, which he described as a low-risk grant and encouraged all eligible students to take advantage of the programme.
During the session, questions were raised seeking further clarification, where the Managing Director provided detailed responses, shedding more light on the programme and its benefits.
COMMISSIONER OF EDUCATION RECEIVES MD NELFUND IN MAIDUGURI; INTERFACES WITH STUDENTS AND ERADICATORS
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