Last Tuesday, October 15, 2024, Nigerians got the shock of their lives even as they grappled with hunger and pains occasioned by government policies. The World Bank Senior Vice President, Indermit Gill, declared in Abuja that it would take at least 10 or 15 years for President Bola Tinubu’s economic reforms to transform the economy and advised the Federal Government not to waive but continue with the reforms in the said years ahead.
In his special remarks at the Nigeria Economic Summit, the World Bank official said among others that the “oil wealth that should be used for the welfare of all Nigerians, has for too long been used to benefit just the elites. The elites are also being hurt by these reforms that started last year, but they have done very well in the past, and they have built big buffers.
The ordinary Nigerians are being hurt even more, and they were hurt much more by the policies of the past. Nigeria will need to stay the course for at least another 10 or 15 years to transform this economy. It’s very difficult to do these things but the rewards are massive.”
This advice from the World Bank has provoked many Nigerians who rejected it. Nigerians from different strata of life have therefore warned President Bola Tinubu that he would face the threat of implosion by angry citizens should the Federal Government go ahead with the World Bank’s advice to sustain the prevailing stinging reforms for the next 10 to 15 years. They urged President Tinubu to ignore the World Bank, saying there was experiential evidence worldwide, including Nigeria, that the financial institution was not delivering the sustained economic growth, prosperity, and better standards of life it promised with its package.
Nigeria on the throes of catastrophic collapse – Prof Ochonu
A Nigerian academic, historian, author, and professor of African History at Vanderbilt University, Nashville, Tennessee, United States of America, Prof. Moses Ochonu, asserted: “We may be on the throes of an implosion, a showdown between suffering Nigerians and their rapacious and unfeeling leaders. The 10-15-year timeline of sustained hardship suggested by the World Bank is humanly impossible to bear or adapt to.
It may come down to a choice between predictable, defeatist death by hunger and heroic death by mass social upheaval, and I warn that it is not too late for Tinubu and his people to defuse the ticking incendiary device of hardship they have cultivated, incubated, and unleashed on Nigerians.
They can still change course and remove the impossible choice of death by hardship and death by uprising. Any people, no matter how resilient and creatively adaptable they may be, have their limits. People are not machines, even machines break down when subjected to stress and tension over a long period.
The World Bank is notorious for prescribing a self-annihilating path of economic reforms to developing countries whose leaders depend on loans to support budgets that are largely mismanaged projects. This pattern of subservience and dependence emboldens the World Bank to recommend harmful reforms to our leaders. The World Bank, we should remember, is a distant hegemonic player with no empathy for Nigerians.
Its only interest is to push for so-called reforms and adjustments that fulfil the ideological fantasies of its Western funders and principals. Past Nigerian presidents since 1999 and even before proved themselves pliable, to various degrees, to the World Bank’s manipulative influence and allowed the institution to influence some aspects of their fiscal, economic, and monetary policies. Sadly, President Tinubu has taken this to unheard-of levels. He has essentially outsourced every facet of his government’s economic policy to the World Bank and its neo-liberal agenda of stripping the poor of subsidies, cushions, and state-funded opportunities to increase the pool of revenue available to political elites and to repay dubious multilateral loans.
Tinubu is the most World Bank-compliant president we have ever had—no question about it. His devotion to the World Bank reform orthodoxy is uncritical and total, and he is blinded to the contradiction in the World Bank’s rhetoric on Nigeria. As long as the World Bank praises their action and they have access to World Bank financial facilities, Tinubu, and his economic team will continue to allow the World Bank people to have it both ways and escape the scrutiny they deserve. The duplicity of the World Bank is numbing. It advances reforms that decimate the Nigerian middle class and intensify the precariousness of the poor, while at the same time claiming that it is not the reforms that are deepening poverty and hardship.
World Bank’s advice not only unacceptable but inhumane — ActionAid
ActionAid Nigeria, AAN, in a reaction by its Country Director, Andrew Mamedu, said: “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.
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. 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. Before the SAP, Nigeria’s textile industry was a vibrant hub employing hundreds of thousands of workers.
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.
“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 these reforms, what does the future hold for our children who are currently feeling the brunt of the hardship, will there still be hope for them in 15 years’ time?
“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 the 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.”
Scheme to hold the nation hostage – Gbemre N-Delta activist
A Niger Delta activist, Zik Gbemre, who dismissed the World Bank’s advisory, said: “I do not agree with this, it is a conspiracy aimed at keeping Nigeria perpetually in bondage, in chains and handcuffs. We were told under Ibrahim Babangida’s military administration that if Nigeria devalued her currency, that would end poverty, but since then, Nigerian currency has been worthless. Nigeria’s problems are visible and we do not need a microscope to see them.
There are too many leakages in the public treasury, appointing people without capacity, and with worthless accumulated certificates and degrees/diplomas to head government parastatals and ministries/agencies. Nigeria needs sincere people. If all these wastages are stopped, credible people elected and appointed, Nigeria will overcome inflation, hardship, and poverty. Few individuals control the public treasury.”
An assembly of impostors — Prof Muoboghare
A Niger Delta leader and former Commissioner in Delta State, Prof Patrick Muoboghare, retorted: “The World Bank is an assemblage of first-world fraudsters braying upon the third-world and having her for a success dinner.”
They have taken our govt captive —Egi, activist
An activist, Engr. Mike Egi, added: “Nigerians have no choice, an agent of the World Bank and stooge of imperialism has kidnapped their government.”
It is provocative —West, Bayelsa CLO chair
The chairman of the Civil Liberties Organization, CLO, in Bayelsa State, Mr. David West, declared: “I disagree with the World Bank on its opinion to give President Bola Tinubu administration’s reforms another 10 to 15 years or that Nigerians should continue to endure this extraneous hardship for another 10 to 15 years. It is provoking as a matter of fact.
Nigerians are tired of exercising patience on this suffering. In Europe or elsewhere, the hardship is not equitable to what we are going through here in Nigeria. If what we are passing through happens in any of the European countries, I do not think they will condone it.
Let us not deceive ourselves, Nigerians cannot give the government another 10 years to endure further hardship. Therefore, the federal government should not rely on this postulation by the World Bank, they should abandon it and begin to see how they will bring Nigeria out from this terrible, excruciating, hunger, hardship, and poverty.”
Enemy of Nigeria – Akpan, activist
The Executive Director of COMPPART Foundation for Justice and Peace Building in Akwa Ibom State, Saviour Okon Akpan, said: “When groups like the World Bank give out such advice to countries like Nigeria, the first question I ask is: Is Nigeria an independent country? And to what extent can we exercise such independence? Secondly, from the advice of the World Bank, I have seen the institution as Nigeria’s enemy because if the World Bank is serious about reforms as it claims, it should have put its feet down and stop Nigeria from the menace of borrowing to loot and re-looting the recovered stolen funds.
The World Bank as far as I am concerned does not care about the lives of Nigerians, rather they are interested in protecting the economic interest of their owners through the weaponization of poverty at all fronts, not minding the effects. But what will be their gain by not allowing nations to operate their home-grown economic system within their needs, but based on what the World Bank wants? It is disheartening because our elected representatives, including the President, unfortunately, do not have a clear-cut blueprint and escape strategy to revive the economy.
It will be too touchy for Nigerians – Ovo, economist
Charles Oyo an economist who resides in Warri,, opined: “It is very likely those offering the advice to the federal government do so from the comfort of their air-conditioned offices and houses. They know Nigerians are going through the most severe hardship they have ever had since its creation in 1960. The eastern part of the country suffered more during the civil war no doubt, but as one entity, Nigerians have not had it this tough. The advice from the international agency could be the right step but the realities on the ground do not support it. It will be tough for Nigerians to bear.”
Ploy to keep us in perpetual penury —Professor Uremadu
Professor of Banking & Finance, Michael Okpara University of Agriculture, Umudike, MOUAU, Professor Sebastian Uremadu, described the advice by the World Bank Vice President as hypocritical and anti-people.
Prof. Uremadu said Tinubu’s policies are elitist, retrogressive and unsustainable, regretting that they have rather brought pain on Nigerians. He said: “God forbid such unsolicited advice. In fact, it’s no advice but a prescription of the World Bank to keep us in perpetual penury. Nigerians are already walking corpses. From May 2023 when he unilaterally removed fuel subsidy, things went awry. Fuel subsidy affects everything, once the transportation cost goes up, it can’t come down. There is insecurity everywhere, farmers can’t go to farm again and there’s hunger everywhere.
Tinubu should restore fuel subsidy, no country exists without one form of subsidy or the other. Even America subsidies for her farmers. The President’s policies on taxation are hurting and should not be sustained. Many multinationals are pulling out of Nigeria and even local companies are folding up because they can no longer cope. When you have multiple taxation you are imposing a heavy burden on the people because they are the ones that will eventually pay the tax. So, for me, the World Bank advice is bad. It’s not in the best interest of Nigerians, the people are finding life difficult, we can’t sustain Tinubu’s reforms “ .
Nothing wrong with Tinubu reforms — Ambakederimo, S-South leader
Convener of the South-South Reawakening Group, Elder Joseph Ambakederimo, who differed in his view, said: “Often, we have managed the Nigerian economy in an ad-hoc manner with no one leader willing to take some hard decisions that will pivot the country towards sustainability. The quick-fix measure that we have tried many times was to keep postponing the evil day. President Bola Tinubu’s economic elixir for the country is looking bad for the people with everyone shouting and even asking for the reversal of the reforms until the World Bank President spoke in favour of the reforms, asking us to allow it go through for another ten years or more before we begin to see the results.
We should support the reforms and allow them to take their full course, which should be a one-off pain. The fact that the oil wealth has benefited a tiny majority of Nigerians is no news, but the question is how do we turn the narrative around for the good of the people.
This is where the problem lies because mismanagement and misapplication of resources have become rife. The oil wealth is held down by a few with the majority sulking with very little or nothing, therefore, we must strive to ensure that violators of the management of our common patrimony are punished. This is the only way we can have some respite.”
World Bank not after our interest, should be ignored — COSEYL
President General of COSEYL, Comrade Goolldluck Ibem said: “The activities and advice of World Bank before now have shown that it is an organization that is not interested in the welfare of African countries but rather only interested in advancing her objectives and goals while pretending to care for the country they are advising. The World Bank is the reason the naira is on its knees today. Its advice to the former Head of State, General Ibrahim Babangida to implement the Structural Adjustment Programme, SAP, led to the galloping devaluation of the naira. Since then, we have not recovered from that huge mistake. President Bola Tinubu should ignore any advice from the World Bank. Any President who wants to succeed must prioritize the interest of his people above any interest from any quarters.”
Rev. Joseph John Hayab, former CAN Chairman, of Kaduna state, said
“Many visiting world Bank chiefs love making anti-people statements whenever they come to Nigeria. Nigerians have not quickly forgotten the Structural Adjustment Program (SAP) of the Babangida era, which also came from advice from some international monetary organisations that pushed the country into a poor economic state. These world bodies always advise our leaders to introduce policies that will not yield any positive results. The World Bank and other international groups cannot give leaders of European countries and the USA any economic advice that will make their citizens suffer because they know every responsible government puts its citizens first in every decision and action. Some of their statements do not show respect for our citizens, instead, they are taking our patience for granted and misleading our leaders. I will therefore advise President Tinubu to know that he is the President of many hungry Nigerians and he should find an urgent solution to the acute hunger and poverty in the land. Any economic policy or international advice that will not address hunger, poverty and lift up the standard of living of the common men and women should be discarded. The World Bank and all other international monetary agencies should only advise our government on how to reduce poverty and the gap between the rich and the poor. They must not help to increase the hardship our citizens are facing already which may push the citizens to revolt”.
Suleiman Abdul-Aziz, spokesman of the Northern Elders Forum (NEF), said
“I think while the World Bank’s advice to sustain the Tinubu reforms may have merit, it is essential to ensure that these reforms benefit all Nigerians and address the current hardships faced by the population. The government must prioritize the welfare of the people and implement policies that promote inclusive growth and development. Nigerians should not have to bear the burden of economic reforms alone; it is the responsibility of the government and international institutions to ensure that the benefits of these reforms are felt by all.
Anthony N Z Sani, former Secretary General of the Arewa Consultative Forum (ACF):
“Though I know that socioeconomic development which reduces ignorance, poverty and unemployment are not matters of a day’s job, I do not have any alternative course of action beside to suggest that Nigerians have to produce what they need and want, especially when regard is paid to the dwindling fortune of oil as our main source of revenue. Both the volume of oil we produce and the prices which enable Nigerians to consume without production are going down.
Instead of using savings from the withdrawal of subsidies for palliatives which do not go around 10% of the population, it is more productive and helpful to use it for improvement of productivity.”
@Vanguard, Nigeria