Nigerians were taken aback on Tuesday, October 15, 2024, despite already facing starvation and hardship as a result of recent government actions. Indermit Gill, Senior Vice President of the World Bank, claimed in Abuja that President Bola Tinubu’s economic reforms would take at least 10 to 15 years to effectively restructure the country. He asked the federal government to continue these measures in the years ahead.
In his speech at the Nigeria Economic Summit, Gill stated, “The oil wealth that should have been used for the welfare of all Nigerians has, for too long, benefited only the elites.” While the reforms that began last year have harmed everyone, the elites, who have amassed significant savings, are also experiencing the effects. However, the average Nigerian is
This World Bank declaration aroused fury among Nigerians, who overwhelmingly rejected it. People from all areas of life have told President Tinubu that if the administration continues with these harsh reforms for the next decade or more, he would face an insurrection from furious residents.
They urged him to disregard the World Bank’s recommendations, citing evidence that the agency has failed to deliver on its promises of sustainable economic growth, prosperity, and higher living standards in Nigeria and other countries.
Nigeria on the Brink of Collapse: Prof. Ochonu
Moses Ochonu, a Nigerian academic and professor of African history at Vanderbilt University in the United States, has warned that Nigeria is on the verge of collapse due to the enormous poverty imposed by current policies.
He stated, “The World Bank’s proposed 10-15-year timeline of sustained hardship is humanly impossible to bear.” We may soon have to choose between death by famine and death by social turmoil. It is not too late for Tinubu and his government to reverse direction and avoid this impending calamity. The World Bank’s policies have shattered Nigeria’s middle class while worsening the situation for the poor. Tinubu’s unquestioning commitment to these policies, sponsored by the World Bank’s neoliberal agenda, deprives the poor
ActionAid Nigeria also criticized the World Bank’s recommendation. Its Country Director, Andrew Mamedu, commented, “The suggestion that Nigerians should endure 10-15 years of hardship without clear plans to address the people’s immediate needs is misguided and insulting.” The World Bank’s measures, which included leveling the currency rate and eliminating fuel subsidies, have plunged the country into abject poverty. Millions of Nigerians cannot afford basic essentials today, and expecting them to wait more than a decade for economic relief is unacceptable and heartless.”
Mamedu stressed the need for the government to reconsider its economic policies, which have disproportionately affected Nigeria’s poorest citizens. He urged the government to shift its attention away from the World Bank’s economic blueprint and toward local industries, small companies, and long-term economic models that value people’s well-being.
A Scheme to Enslave Nigeria: Activist Zik Gbemre
Zik Gbemre, a Niger Delta activist, dismissed the World Bank’s recommendation as a scheme to put Nigeria in everlasting debt.
He stated, “We were told under the Babangida regime that depreciating the naira would alleviate poverty, but the currency has only grown more worthless since then. Nigeria’s difficulties are evident to all. Mismanagement, corruption, and choosing unfit persons to oversee government agencies are dragging the country down. “The World Bank’s recommendations will not resolve these issues.”
Outrage across the country.
The World Bank’s idea has received substantial criticism. Professor Patrick Muoboghare, a former Delta State Commissioner, described the World Bank as “an assemblage of first-world fraudsters exploiting the third world.”
Bayelsa CLO Chairman David West and Akwa Ibom activist Saviour Okon Akpan also criticized the World Bank’s recommendations, accusing the institution of prioritizing its own interests over Nigeria’s welfare.
Economist Charles Oyo, located in Warri, argues that while the World Bank’s guidance appears acceptable on paper, it fails to account for the hard reality on the ground. “Nigerians are experiencing the most severe suffering since their country’s independence. It’s unreasonable to expect them to put up with this for another decade.
