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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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Venezuela Solidarity Group Urges U.S. to Lift Sanctions After Deadly Earthquakes

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Venezuela Solidarity Group Urges U.S. to Lift Sanctions After Deadly Earthquakes

By: Michael Mike

The Venezuela Solidarity Campaign in Nigeria (VSCN) has called for the immediate and unconditional lifting of United States sanctions on Venezuela, arguing that the restrictions are hampering humanitarian relief and reconstruction efforts following devastating twin earthquakes that reportedly killed more than 2,000 people and displaced over 50,000 others.

In a statement issued on Sunday and signed by its coordinator, Comrade Dimeji Macaulay, the group expressed solidarity with the Venezuelan people and the Bolivarian Government, describing the earthquakes as a humanitarian tragedy that has left widespread destruction of homes, hospitals, schools, roads and other critical infrastructure.

The organisation extended condolences to families of the victims and praised what it described as the resilience of the Venezuelan people in confronting the disaster despite years of economic hardship.

According to the VSCN, the U.S. sanctions have weakened Venezuela’s capacity to respond effectively to the emergency by limiting access to financial resources and restricting the importation of medicines, equipment, technology and other essential materials.

The group maintained that maintaining the sanctions during a humanitarian crisis amounts to collective punishment against ordinary citizens and called for their permanent removal to facilitate relief operations and long-term reconstruction.

“There can be no moral or legal justification for maintaining an economic blockade against a country struggling to save lives and rebuild after a devastating natural disaster,” the statement said, adding that every day the sanctions remain in force prolongs the suffering of the Venezuelan people.

The campaign also urged the Federal Government of Nigeria to publicly support the removal of the sanctions, strengthen diplomatic relations with Venezuela and contribute to international humanitarian efforts for victims of the disaster.

It further appealed to the African Union to reject unilateral coercive measures, describing them as violations of international law, while calling on African countries to support Venezuela’s recovery.

The group equally called on the United Nations to intensify humanitarian assistance and ensure that sanctions do not obstruct emergency relief operations or reconstruction programmes.

Beyond governments and international organisations, the VSCN appealed to trade unions, youth organisations, civil society groups and progressive political movements across Africa and the wider international community to demonstrate solidarity with Venezuela by opposing what it described as economic warfare and supporting the country’s right to determine its future without external interference.

Reaffirming its commitment to the Venezuelan cause, the organisation said it would continue campaigning until the sanctions are lifted, insisting that Venezuela’s recovery should not be hindered by external political considerations

Venezuela Solidarity Group Urges U.S. to Lift Sanctions After Deadly Earthquakes

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Nigeria Condemns Killing of Two Citizens in South Africa, Warns All Options Remain Open

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Nigeria Condemns Killing of Two Citizens in South Africa, Warns All Options Remain Open

By: Michael Mike

The Federal Government has strongly condemned the killing of two Nigerian nationals in South Africa, accusing security operatives and criminal elements of targeting Nigerians amid rising xenophobic violence, and warning that it may be forced to activate “all options” if the attacks continue.

In a statement issued on Sunday by the spokesperson of the Ministry of Foreign Affairs, Kimiebi Ebienfa, the government demanded immediate investigations into the killings and the prosecution of those responsible, while expressing concern over what it described as an alarming pattern of extra-judicial killings and growing hostility towards Nigerians living in South Africa.

According to the ministry, one of the victims, Emeka Charles Iroegbu, was allegedly killed on June 28 in Sunnyside, Pretoria, by officers of the Tshwane Metro Police, who reportedly subjected him to what the government described as “gruesome interrogation techniques.”

The ministry said the same police officers were also allegedly responsible for the extra-judicial killing of another Nigerian, Nnaemeka Mathew Andrew Ekpenyong, on April 20, noting that despite the identities of the four officers being known to the South African Police Service, no arrests had been made.

It added that another Nigerian, Musa Yunana Joe, popularly known as “Big Joe,” was also shot dead in front of his shop on June 28 in Witbank, Mpumalanga, by yet-to-be-identified gunmen.

The government said the incidents occurred against the backdrop of increasing attacks on foreigners in South Africa, raising serious concerns about the safety of Nigerians and other foreign nationals.

It alleged that some individuals were deliberately portraying hardworking Nigerians as criminals in order to justify attacks against them.

“The continuing pattern of such terrible incidents is clearly evidence of complicity on the part of security operatives, especially officers of the Tshwane Metro Police, which raises the question of state responsibility under international law,” the statement said.

Nigeria also condemned recent comments reportedly made by a spokesperson of the South African Government, who allegedly asked Nigerians leaving South Africa because of ongoing xenophobic protests to disclose where illegal drugs were hidden.

The Ministry described the remarks as derogatory, unprofessional and capable of inciting hatred and violence against Nigerians.

It further criticised anti-immigrant groups, including March on March and Operation Dudula, accusing them of promoting violence and hate against fellow Africans and warning that their leaders could face regional and international criminal liability.

The Federal Government stressed that allegations of wrongdoing against any individual should be handled through lawful judicial processes rather than mob action or extra-judicial killings.

It called on South African authorities to urgently investigate the recent killings alongside other unresolved cases involving Nigerian victims and ensure that those responsible are prosecuted.

The government expressed sympathy to the families of the deceased and pledged to continue engaging South African authorities at the highest diplomatic level until justice is achieved.

It also advised Nigerians living in South Africa to remain calm, obey the law, stay vigilant, relocate to safer neighbourhoods where necessary, and avoid areas experiencing violent demonstrations while diplomatic efforts continue.

The ministry noted that numerous South African citizens and businesses operate freely and safely in Nigeria without harassment, arguing that South Africa has a reciprocal obligation to guarantee the safety of Nigerians legally residing in the country.

It warned that the continued targeting of Nigerians was unacceptable and stated that if the situation persisted, “all options remain on the table,” adding that some measures could be activated should what it described as “intolerance and apartheid-style behaviour” against foreigners continue.

The government, however, appealed to Nigerians at home to remain peaceful and refrain from retaliatory actions, reaffirming its commitment to dialogue and diplomacy in line with Nigeria’s foreign policy of African unity, brotherhood and solidarity.

The Ministry also disclosed that the evacuation of registered Nigerians from South Africa is ongoing.

Nigeria Condemns Killing of Two Citizens in South Africa, Warns All Options Remain Open

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Six Villagers Killed as Terrorists Attack Sokoto Community, Rustle Livestock

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Six Villagers Killed as Terrorists Attack Sokoto Community, Rustle Livestock

By: Zagazola Makama

Suspected terrorists have killed six villagers and rustled an unspecified number of livestock during an attack on Koludo Village in Bodinga Local Government Area of Sokoto State.

Security sources told Zagazola Makama that combined troops of the 8 Division Strike Team, 18 Field Engineer Regiment, 28 Support Engineer Regiment, and the Nigeria Police responded to a distress call following the attack at about 7:10 a.m. on Friday.

The sources said that upon arrival at the village, the security team confirmed that the attackers had invaded the community, killed six residents, and made away with livestock before fleeing.

The troops immediately launched a pursuit of the fleeing terrorists along their withdrawal routes but were forced to halt the operation after the suspects escaped into marshy terrain, which hindered further movement.

Security forces have maintained vigilance in the area while efforts are ongoing to track down the perpetrators and prevent further attacks.

Six Villagers Killed as Terrorists Attack Sokoto Community, Rustle Livestock

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