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ActionAid Nigeria Describes IMF, World Bank Promoters of Bad Economy Policies

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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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Customs officer killed in gun attack after cannabis seizure in Ogun

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Customs officer killed in gun attack after cannabis seizure in Ogun

By: Zagazola Makama

A senior officer of the Nigeria Customs Service (NCS), ASC Akinyode Mustapha, has been shot dead by unknown gunmen following the interception of a vehicle loaded with cannabis in Imeko area of Ogun State.

Sources told Zagazola Makama that a team of officers from the NCS Federal Operations Unit (FOU) Zone A, Ikeja, led by DSC Ogundana Oluwademi, had on Feb. 2, at about 11:40 p.m., intercepted a Sienna bus loaded with suspected cannabis at Oke-Agbede via Imeko.

The driver of the vehicle, however, escaped on foot.

“While the team was returning to Lagos with the seized exhibit vehicle, they came under gunfire by unknown assailants at the Immigration checkpoint, Idofa, Imeko,” the sources said.

The sources added that a bullet struck ASC Akinyode Mustapha, aged 50, during the attack.

He was immediately rushed to the General Hospital, Ilaro, where he was later confirmed dead by the medical doctor on duty.

Upon receipt of the report on Feb. 4 at about 3:30 p.m., security forces stormed the scene. No expended ammunition or cartridge was recovered at the location, and photographs of the scene were taken.

The team leader reportedly released the corpse to the deceased’s family for burial, while the seized exhibit vehicle had earlier been taken to the NCS base in Lagos.

The sources said preliminary investigation was ongoing to verify the claims and unravel the circumstances surrounding the attack.

Further developments will be communicated, the command said.

Customs officer killed in gun attack after cannabis seizure in Ogun

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VP Shettima Leads FG Delegation To Condole With Victims Of Kwara Attack

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VP Shettima Leads FG Delegation To Condole With Victims Of Kwara Attack

***Assures all hands are on deck to restore peace, tranquility to Kaiama

***Says President Tinubu has directed NEMA to mobilise resources to support distressed communities

By: Our Reporter

The Vice President, Senator Kashim Shettima, has reaffirmed the determination of President Bola Ahmed Tinubu to ensure that peace and tranquillity are restored in Nuku and Woro villages in Kaiama Local Government Area of Kwara State in the aftermath of Tuesday’s attacks on the communities by terrorists.

He assured the people of the communities that while the President had ordered the deployment of a battalion of the Nigerian Army to Kaiama, all hands were already on deck to rid the affected communities and the entire state of insecurity.

Senator Shettima gave the assurance on Saturday when he led a Federal Government delegation to commiserate with the people of Kaiama Local Government and the Governor of Kwara State, Mallam AbdulRahman AbdulRazaq, over the deadly terrorist attack that claimed several lives.

The Vice President disclosed that President Tinubu has instructed the National Emergency Management Agency (NEMA) to mobilise all resources, in partnership with the Kwara State Emergency Management Agency, to provide succour and support to the distress communities.

“Your Excellency, we are here at the behest of President Bola Ahmed Tinubu to commiserates with you and the good people of Kaiama and Kwara State, by extension, over the tragedy that befell our communities of Woro and Nuku on the evening of Tuesday, February 3, 2026.

“That tragic killings had shocked Nigerians because the victims were peaceful members of the communities that were dedicated to building peaceful livelihood, while they practice their religion in the peaceful and harmonious manner that the injunctions of Islam has instructed,” he said

VP Shettima extended what he described as the heartfelt condolences of President Tinubu and the Federal Government to the government and those who lost their loved ones in the gory attacks, noting that all hands were already on deck to restore peace in the community.

“Please, accept our heartfelt condolences, on behalf of President Bola Ahmed Tinubu. A battalion of the Nigerian Army had been deployed to Kaiama and all hands are on deck to ensure that peace and tranquility is restored to those communities,” he assured.

The VP did not disclose the measures being taken to restore peace in the area, observing however that “security issues are sensitive issues and we do not have to divulge most of the actions that are being taken by our security establishment.

“But I’m here fundamentally to commiserates with the government and people of Kwara and the people of Kaiama, in particular, over the tragic loss of lives and to reassure the good people of the state of harmony. Our prayers are with you, our empathy is with you,” the Vice President added.

Earlier, Chairman of the North East Governors Forum, Governor Babagana Umara Zulum of Borno State, extended the condolences and sympathy of the North East Governors to the people and government of Kwara State over the tragedy.

He said, “As Muslims, we believe in destiny and it is our sincere hope that, by God’s grace, this act will not happen again. Our prayers are with you and it is our sincere prayer that Almighty Allah will forgive those that have lost their lives and grant them Aljannah firdaus,” Governor Zulum prayed.

Responding, the Governor of Kwara State, AbdulRazaq, applauded the swift response of the Federal Government to the incident, saying “as confirmed by the Local Government Chairman, troops are already on ground and the Operation Savannah Shield is in motion.

“As you can see, we were welcomed at the airport by the General Officer Commanding (GOC) Second Division of the Nigerian Army. A DIG is on ground. We truly appreciate the response of the Federal Government, and representatives of NEMA have been on ground since the incident happened.”

The Governor called for continued prayers for better a situation and better security in Nigeria, just as he said, “One is short of words and what to say but we will continue to support our President, the Vice President and our leadership for God to guide them in the affairs of this nation.”

Also, the Chairman of Kaiama local government area, Hon. Abdullahi Abubakar Danladi, expressed gratitude to President Tinubu and Vice President Shettima for the immediate deployment of a military battalion in the area, and thanked the Governor of Kwara state for his leadership.

On his part, the Emir of Kaiama, HRH Alhaji Mu’azu Shehu Omar, also applauded President Tinubu for the prompt action taken after the massacre that in Kaiama.

“We really appreciate the effort of President Tinubu. Since the incident happened on Tuesday, he has shown concerned toward us. The security personnel and other relevant agencies are adequately deployed to arrest the situation,” the traditional ruler said.

Other dignitaries present during the visit include the Director-General of NEMA), Zubaida Umar; Sen. Ali Mohammed Ndume; Managing Director, Niger Delta Power Holding Company Ltd (NDPHC), Eng. Jennifer Adighije; former Deputy Senate President, Senator Ovie Omo Agege, and members of Kwara State House of Assembly, among others.

VP Shettima Leads FG Delegation To Condole With Victims Of Kwara Attack

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AT GOLDEN JUBILEE CELEBRATION: VP Shettima Lauds Imo’s Contributions To National Development At 50

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AT GOLDEN JUBILEE CELEBRATION: VP Shettima Lauds Imo’s Contributions To National Development At 50

** *Describes Gov Uzodimma as game-changing revolutionary, pledges more FG support for state

By: Our Reporter

Vice President Kashim Shettima has applauded Imo State’s exceptional contributions to Nigeria’s political, intellectual, and economic development in the past five decades, describing the state as a critical partner in the nation’s progress.

He particularly lauded the state’s political leadership, intellectual contributions, talents in the creative industry, and strength in agriculture, particularly palm oil production, saying the Southeastern state has consistently enriched Nigeria.

Speaking on Saturday during the Golden Jubilee celebration of Imo State’s creation, VP Shettima extended President Bola Ahmed Tinubu’s goodwill, assuring the state of its front-line seat at the national table.

The Vice President reserved special praise for Governor Hope Uzodimma, whom he described as a game-changing revolutionary in Imo’s modern political history, crediting him with restoring discipline, planning, and institutional strength to governance in the state.

“Governor Uzodimma has distinguished himself as more than a custodian of the present. He is a leader who understands that governance is not theatre, but duty. Under his watch, Imo has rediscovered the discipline of planning, the courage of reform, and the confidence to re-enter the national conversation as a state prepared for relevance,” he said.

VP Shettima traced Imo’s legacy of leadership from Dr. Kingsley Ozumba Mbadiwe, whose “flamboyant command of language enriched Nigeria’s political memory,” to Sam Mbakwe, the celebrated Weeping Governor, and Senator Rochas Okorocha, whom he described as a pan-Nigerian archetype for his humanitarian work with orphaned children across the country.

He highlighted Imo’s intellectual and cultural influence, particularly through Chief Flora Nwapa, whom he described as “the mother of modern African literature”, who gave African women “a literary voice at a time when silence was expected of them.”

Senator Shettima also celebrated the state’s contributions to Nollywood through actors such as Genevieve Nnaji, Rita Dominic, and Kanayo O. Kanayo, as well as music icon, Onyeka Onwenu, who “placed Nigerian sound on the world stage with grace and conviction.”

On economic development, the Vice President acknowledged Imo’s strengths in agriculture, particularly palm oil production at the historic Ada Palm Plantation, and its thriving commercial centres from Nkwo Orji to Orlu International Market.

He further spoke on the state’s educational infrastructure, including the Federal University of Technology Owerri and Imo State University, describing education as Imo’s greatest industry.

“Literacy rates remain among the highest in the nation, and graduates from Imo compete confidently across every field,” VP Shettima stated.

He highlighted emerging opportunities in Imo’s oil and gas sector in Ohaji-Egbema and Oguta, as well as growth potential in agro-processing, renewable energy, mineral processing, tourism, and the digital economy.

The Vice President praised the emergence of Owerri as a major hospitality hub with one of the highest concentrations of hotels and entertainment centres in Nigeria, noting that “security has been an economic asset and peace, when nurtured, yields prosperity.”

Urging Imo State to use the golden jubilee as a launching pad for the next 50 years, the VP said, “Unity must be renewed. Innovation must be encouraged. Governance must remain humane and disciplined. Politics must return to service.”

Earlier, Governor Uzodimma said Imo State will continue to grow as well as embrace digital transformation in the next 50 years, noting that the creation of the state in 1976 enunciated freedom.

He thanked God for sustaining the State for 50 years, expressing strong conviction that ahead lies a great hope for the State,.

Assuring that the gains of the past would be improved upon, the Governor said the State has come of age, signifying substantial growth in age and accomplishments.

“We have made significant progress both as a people and as a state. There is no doubt that we are growing fast in unity, resilience and reliance on God. We have seen Owerri transform from a town into a hub. What has kept us united is the indomitable spirit of the Imo people,” Uzodimma stated.

On his part, Chairman of the occasion and former Secretary General of the Commonwealth, Chief Emeka Anyaoku, commended the hard work of Governor Uzodimma in transforming the state through the execution of various developmental projects.

“His administration has impacted Imo State in many ways. For example, in transportation, finance, agriculture and other key sectors, his administration has left admirable legacy in Imo State, making a significant contribution to the wider Nigerian economy,” he said.

Chief Anyaoku prayed for progress in Nigeria’s political evolution, depicting more of unity, just as he said election constitutes a fundamental process of democracy.

In his goodwill message, Ekiti State Governor, Biodun Oyebanji, said Governor Uzodimma has become a reference point among his equals.

He noted that other Governors are now emulating the Imo Governor in various areas where he has achieved alot for his State.

On his part, the Obi of Onitsha, Igwe Nnaemeka Alfred Ugochukwu Achebe (Agbogidi), thanked Imo State for helping in moulding his life, having spent the early part of his life in Imo State.

The monarch praised Governor Uzodinma “for showcasing Imo State to the World.”

Also, the Ooni of Ife, Adeyeye Enitan Ogunwusi (Oba Ojaja II), prayed for the progress of Imo State and Nigeria as well as sustained unity across the country.

AT GOLDEN JUBILEE CELEBRATION: VP Shettima Lauds Imo’s Contributions To National Development At 50

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