The World Bank/IMF’s 10 Prescriptions: A Cautionary Tale for Nigeria
By Abbati Bako,psc,bsis,Uni Kent-alumni and UK’s European University
For over three decades, globalization has shaped the global economic landscape (especially in the Global Southern Hemisphere of Africa, Asia, Eastern Europe and Latin America) driven by democratization, economic integration, and multiculturalism. This policy has yielded mixed results, with some emerging markets like Brazil, India, and South Africa thriving, while others, including Nigeria, Kenya, Bangladesh, still struggle to keep pace and control the situation. Hence, the mistake made by the President Bola Tinubu and APC has been the inability to enlighten and educate the citizens about the future advantage of the system especially the economic reforms, healthcare and free education of primary and secondary.
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The Misstep of Instantaneous Reform:
The recent implementation of the World Bank/IMF’s 10 prescriptions in Nigeria, particularly the instantaneous removal of oil subsidies, has plunged the country into economic turmoil. This move has exacerbated economic precarity and hardship for the majority of citizens. In stark contrast, countries like India, China, Turkey, Mexico and Brazil have successfully implemented similar reforms through gradual and systematic approaches, minimizing economic hardship for their citizens and they’re now among the 20 global economic emerging nations but Nigeria is still crawling as a result of corruption and mismanagement.
The Human Cost of Economic Mismanagement:
As I have repeatedly emphasized, the human person is the ultimate symbol of economic activity. When economic policies are poorly implemented and mismanaged, the consequences are devastating, leading to unimaginable pain and lamentation. It is imperative that policymakers prioritize the well-being of citizens and adopt a more nuanced approach to economic reform. Hence, the 2027 elections are just like tomorrow and the opposition parties will capitalize on poor management of economy, security of food, security of want, security challenges, inflation, unemployment and generally stagflation.
Lessons from Emerging Markets:
Nigeria can learn valuable lessons from other emerging markets that have successfully navigated economic reforms. By studying the experiences of countries like India, China, Brazil, Saudi Arabia, UAE, Qatar, Egypt, Pakistan Nigerian policy makers can develop more effective strategies for implementing economic reforms, minimizing hardship, and promoting sustainable economic growth.
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A Call to Action:
As Nigeria grapples with the challenges of economic reform, it is essential that policymakers, citizens, and stakeholders engage in a constructive dialogue about the country’s economic future. By prioritizing the well-being of citizens and adopting a more informed approach to economic reform, Nigeria can avoid the pitfalls of poorly implemented policies and forge a more sustainable path to economic growth and development.
Dr. Abbati Bako abbatibako@gmail.com
Political strategy consultant, students mentor @Kent,Uni,PhD,.scholar@ Skyline university Kano and Treasurer Kano Chamber of Commerce Nigeria
