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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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80 militants surrender arms, embrace amnesty in Cross River

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80 militants surrender arms, embrace amnesty in Cross River

By: Zagazola Makama

No fewer than 80 militants operating in the creeks of Akpabuyo Local Government Area of Cross River State have voluntarily surrendered their arms and embraced the state government’s peace and reintegration Amnesty framework.

The militants came out in large numbers from the creeks on Friday at Atimbo Rear Area under Operation OKWOK, within the Area of Responsibility of Headquarters 13 Brigade, Nigerian Army and is already being described by as a strategic breakthrough in the fight against coastal militancy and maritime crime in southern Cross River.

Security sources told Zagazola Makama that the surrender was the outcome of months of sustained military pressure combined with discreet dialogue involving community leaders, government officials and security agencies.

Two militant camps dismantled themselves in one coordinated move. The first camp, headed by ThankGod Ebikontei, popularly known as Ayibanuagha, presented 39 fighters. Four additional members, officials said, are expected to report in the coming days.

The second camp, commanded by John Isaac, alias Akpokolo, brought forward 41 fighters. His group, widely known along the waterways as the Akpokolo Marine Forces or “Border Boys,” had controlled large stretches of creeks linking Cross River to neighbouring coastal corridors.

Ten more of his fighters are also expected to join the amnesty process. In total, 80 militants formally stepped out of the creeks and into a state-supervised disarmament and rehabilitation programme.

The disarmament was not symbolic. A significant cache of weapons, equipment and operational assets was voluntarily handed over, illustrating the firepower the groups once commanded.

The sources said that items surrendered included AK-47 rifles, pump-action guns, a Mark 4 rifle, a G3 rifle, multiple single-barrel guns, magazines, speedboats, high-powered boat engines, locally fabricated pistols and assorted military kits.

Of particular concern to security officials was the surrender of an explosive charge and live ammunition, which draw to the attention of the destructive capacity the groups had at their disposal. Also surrendered were machetes, camouflage clothing, tactical vests, knee and elbow guards, and communication tools, all of which painted a picture of organised armed groups rather than loosely structured criminal gangs.

For the Nigerian Army, the scale and quality of the surrendered items confirmed that the amnesty was reaching core actors, not just foot soldiers.

Brig.-Gen. P.O. Alimikhena, Commander of 13 Brigade, Nigerian Army, described the development as a “confidence-building milestone” that validates the military’s dual-track strategy.

“This voluntary surrender shows that consistent operations, combined with constructive dialogue and strong collaboration with the Cross River State Government and other security agencies, can deliver peace,” Alimikhena said.

“We will continue to secure the environment while supporting lawful initiatives that reintegrate repentant youths and ensure lasting stability.”he said.

Military sources said the success in Akpabuyo followed intensified patrols, improved intelligence flow and engagement with local power structures in creek communities.

After the formal disarmament, the former militants were handed over to the Cross River State Government’s Rapid Response Team.
They are currently undergoing profiling by the Department of State Services (DSS) at Muka Sam Hotel in Ikot Ansa, Calabar.

The exercise is designed to verify identities, assess security risks and determine eligibility for rehabilitation, skills training and reintegration support. Officials said the profiling phase is crucial to ensuring that only genuine repentant militants benefit from the programme and that criminal elements do not exploit the amnesty.

Akpabuyo Local Government Area sits along a strategic maritime corridor that links Cross River’s inland communities to coastal and cross-border trading routes. For years, militancy in the area has affected fishing, boat transport, palm produce trade and cross-border commerce with Cameroon.

Sea robbery, illegal taxation of fishermen, extortion and violent turf battles turned the creeks into zones of fear. The collective withdrawal of two major camps in one day is therefore both a psychological and operational shift. It sends a signal that militancy is no longer the dominant survival strategy for youths in the area.

The Nigerian Army credited the success of the Akpabuyo amnesty to what it called “effective civil-military collaboration,” singling out the Cross River State Government under Gov. Bassey Edet Otu for sustained political backing, coordination and logistical support.

Sources said the state government’s willingness to invest in dialogue, rehabilitation and youth empowerment made the option of peace more attractive than continued life in the creeks.

Beyond the powerful images of surrendered weapons and surrendered men, officials insist the hardest phase lies ahead. Reintegration, monitoring and economic re-engagement will determine whether the peace holds or unravels.

Headquarters 13 Brigade has reaffirmed its commitment to consolidating the gains, warning that while the door to peace remains open, security forces will maintain pressure against any group that chooses violence over dialogue.

They has urged the public to continue providing timely and credible information to security agencies, stressing that the breakthrough in Akpabuyo is not an endpoint, but the foundation for a safer and more stable Cross River State.

80 militants surrender arms, embrace amnesty in Cross River

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Zulum Dismisses Claims of Favoring Candidates for APC Congress

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Zulum Dismisses Claims of Favoring Candidates for APC Congress

By: Our Reporter

Borno State Governor, Professor Babagana Umara Zulum, has firmly dismissed rumours circulating that he has anointed individuals for executive positions in the forthcoming All Progressives Congress (APC) party congresses.

In a statement by his Special Adviser on Media, Dauda Iliya, the Governor described the claims as the handiwork of mischief-makers seeking to cause disaffection within the party.

Governor Zulum emphasised that he has not in any fora endorsed any candidate for any party position, whether in Gwoza Local Government Area or any of the state’s 27 local government areas.

“Let me categorically state that I have not anointed any person for the position of Chairman or Secretary of APC in Gwoza local government in the forthcoming party congress. I wish to also stress that I have not anointed any person for any position in the APC congress in any of the 27 local government areas,” Governor Zulum stated.

He further called on party members to disregard the false information, saying, “I am calling on our party faithful and supporters to disregard the rumour as it is a calculated attempt to create disaffection and derail the party from its trajectory.”

The Governor instead urged party stakeholders to continue constructive consultations aimed at identifying credible candidates to be fielded for all party positions.

Zulum Dismisses Claims of Favoring Candidates for APC Congress

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VP Shettima Arrives In Guinea For President Doumbouya’s Inauguration

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VP Shettima Arrives In Guinea For President Doumbouya’s Inauguration

By: Our Reporter

Vice President Kashim Shettima has arrived in Conakry, the capital of Guinea, to represent President Bola Ahmed Tinubu at the inauguration of President-elect Mamady Doumbouya.

The Vice President was received by senior Guinean government officials and members of the Nigerian diplomatic corps ahead of the official ceremony, which is scheduled to take place on Saturday, January 17, at the GLC Stadium in Nongo.

The inauguration of President Doumbouya follows his victory in the December 2025 general elections, signalling the formal end of a four-year military transition.

The Vice President’s attendance at the inauguration affirms Nigeria’s leadership role within the Economic Community of West African States (ECOWAS) and its commitment to the restoration of constitutional order across the sub-region.

Under President Tinubu’s Renewed Hope agenda, Nigeria has continued to position itself as a stabilising force, advocating for democratic governance as a prerequisite for regional prosperity.

The visit also serves as a strategic mission to expand the economic corridor between the two West African nations.

VP Shettima Arrives In Guinea For President Doumbouya’s Inauguration

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