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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
Troops Recover 61 Cattle During Anti-Kidnapping Raid in Plateau
Troops Recover 61 Cattle During Anti-Kidnapping Raid in Plateau
By: Zagazola Makama
Troops of Operation Enduring Peace have recovered 61 cattle during a clearance operation in Riyom Local Government Area of Plateau State.
Security sources disclosed that the operation was conducted on Thursday as part of ongoing efforts to track down suspected kidnappers who fled following sustained military pressure in the area.
The sources said troops of Sector 6 Operation Safe Haven carried out coordinated raids on suspected hideouts and high-ground locations around Sopp, Hawan Kibo and Rafin Sanyi communities in Riyom LGA.
According to the sources, the operation involved cordon-and-search activities targeting suspected kidnappers’ camps, dens and livestock enclosures believed to be linked to criminal networks operating in the area.
During the operation, troops recovered 61 cattle suspected to belong to the fleeing criminals.
“All identified camps, hideouts and cattle enclosures within the general area were searched during the operation. A total of 61 cattle suspected to belong to the criminals were recovered,” a security source said.
The source, however, noted that no arrests were made as the suspects had fled before the troops arrived.
The recovered cattle have been taken into military custody pending further investigation and necessary action by relevant authorities.
The operation forms part of ongoing efforts by security agencies to dismantle kidnapping networks and other criminal groups operating in parts of Plateau State.
Troops Recover 61 Cattle During Anti-Kidnapping Raid in Plateau
News
Troops Rescue Abducted Teenager, Intensify Search for Two Other Children in Plateau
Troops Rescue Abducted Teenager, Intensify Search for Two Other Children in Plateau
By: Zagazola Makama
Troops deployed under Operation Enduring Peace have rescued one of three children abducted by suspected kidnappers in Bokkos Local Government Area of Plateau State.
Security sources said the incident occurred on Thursday at Mangar village when the children were returning from their farm.
The abducted children were identified as Linda Ibrahim, 15, Meshack Ibrahim, 8, and Samuel John, 8.
According to the sources, troops of Sector 5 Operation Enduring Peace in Bokkos swiftly responded to reports of the abduction and launched a search-and-rescue operation in the surrounding bushes.
The operation led to the successful rescue of Linda Ibrahim, who was subsequently reunited with her family.
“The troops immediately initiated search-and-rescue operations upon receiving information about the incident and successfully rescued one of the victims,” a security source said.
The source added that efforts were ongoing to locate and rescue the two remaining children still in captivity.
Security forces have intensified operations in the area, with troops combing nearby forests and hideouts in search of the abductors and the remaining victims.
Residents have been urged to remain vigilant and provide credible information that could assist the ongoing rescue efforts.
Troops Rescue Abducted Teenager, Intensify Search for Two Other Children in Plateau
News
Zulum Targets Closure of Borno’s Largest IDP Camp as Resettlement Drive Enters Final Phase
Zulum Targets Closure of Borno’s Largest IDP Camp as Resettlement Drive Enters Final Phase
By: Michael Mike
Borno State Governor, Prof. Babagana Zulum has announced plans to shut down the Bama Internally Displaced Persons (IDP) Camp, the largest displacement facility in Borno outside Maiduguri, within the next month, marking a major milestone in the state’s efforts to end years of mass displacement caused by insurgency.

The governor made the declaration on Thursday after personally supervising a screening exercise for displaced families at the Government Science Secondary School IDP Camp in Bama, where he spent more than three hours verifying beneficiaries eligible for the state’s resettlement programme.
Zulum said the exercise was aimed at ensuring that only genuine households are captured as the government moves to complete the return of displaced residents to their ancestral communities.

“We are here to examine the remaining displaced people that are living in the IDP camp with a view to ensuring the closure of Bama IDP camp,” the governor stated.
The planned closure represents another significant step in Borno State’s post-insurgency recovery programme, which has seen thousands of displaced persons return to their communities after years of conflict triggered by the activities of the terrorist group Boko Haram.
Over the last seven years, the state government has facilitated the resettlement of residents in several communities across Bama Local Government Area, including Darajamal, Nguro Soye, Goniri, Banki and Abbaram. Bama remains one of the areas most devastated by the insurgency, with large-scale destruction of infrastructure and prolonged displacement of residents.
According to Zulum, only three communities—Mayanti, Goniri and Bula Kuriye—remain to be fully resettled before the camp can be permanently shut down.

“We have three communities that are left to be resettled, namely, communities from Mayanti, Goniri, and Bula Kuriye. By the next one month, the Bama IDP camp, which is the largest camp in the state outside the state capital, will be closed,” he said.
The governor’s visit also featured inspections of major infrastructure projects underway in Bama as part of the administration’s reconstruction and urban renewal agenda.
Among the projects inspected were the construction of a modern shopping complex and the dualisation of the Bama township road. Zulum praised the quality of work being executed, describing the projects as critical to restoring economic activities and modernising the town after years of devastation.
He recalled that the historic Bama Market was destroyed during insurgent attacks about 15 years ago before being rehabilitated under the administration of Nigeria’s current Vice President, Kashim Shettima.
To further strengthen commercial activities, the state government is constructing a modern shopping complex with 156 shops in front of the market while simultaneously remodelling the entire facility.
“We are trying to provide a befitting shopping mall in front of the market, totaling 156 shops, while also remodeling the market as part of our urban renewal programme,” Zulum said.
He noted that the market redevelopment is designed to stimulate economic growth, improve livelihoods and provide a more conducive environment for businesses and traders.
The governor also disclosed plans to ease traffic congestion and improve connectivity through the dualisation of major roads within Bama, particularly the strategic township road linking Maiduguri, Bama and Gwoza. Existing roads across the town, he added, would be rehabilitated before the end of his tenure.
The inspection tour extended to High Islamic College and teachers’ quarters in Konduga, underscoring the administration’s continued focus on rebuilding educational infrastructure and improving public services in communities affected by conflict.
Zulum was accompanied by senior government officials, lawmakers and community leaders during the visit. The move to close the Bama camp is expected to signal a new phase in Borno’s recovery efforts as authorities push to transition displaced families from temporary shelters to permanent community-based resettlement
Zulum Targets Closure of Borno’s Largest IDP Camp as Resettlement Drive Enters Final Phase
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