A Critical Analysis of President Bola Tinubu’s Policies in the Context of World Bank and IMF Interventions in Nigeria:
By Abbati Bako,Kent-alumni,UK’s European University
There is a serious lack of economic growth and development in Nigeria. Stagflation is becoming Nigeria’s cancerous illness which led the nation into intensive care units (ICU). Currently, Nigeria is Africa’s largest economy, and is at a crossroads.
Despite its vast natural resources and potential, the country faces severe insecurity and economic aridity and challenges. President Bola Tinubu’s administration has introduced economic reforms, but their effectiveness is uncertain as Nigeria approaches the election year 2027. This analysis examines the impact of these reforms, World Bank, and IMF interventions on Nigeria’s economic growth, stability, and development as it’s happening in almost all global South. This writing is on the same page as Dr. Ngozi the Director General of World Trade Organization (WTO) at the meeting of the Nigerian Bar Association (NBA).
In her words Dr. Ngozi Okonjo-Iweala, WTO Director-General “expressed concern about Nigeria’s development, citing:
1. Lack of policy consistency due to frequent changes in administration.
2. Need for a social contract to protect essential policies from political changes.
3. Politicization of security, contributing to current challenges.
4. Urged for a unified approach to governance and protecting national assets.
She emphasized that Nigeria has not progressed as expected, and it’s time to shift focus from blame games to concrete actions to tackle challenges and advance the country’s interests”. Dr. Ngozi Okonjo-Iweala, WTO Director-General, expressed concern about Nigeria’s development, citing:
1. Lack of policy consistency due to frequent changes in administration.
2. Need for a “social contract” to protect essential policies from political changes.
3. Politicization of security, contributing to current challenges.
4. Urged for a unified approach to governance and protecting national assets. She emphasized that Nigeria has not progressed as expected, and it’s time to shift focus from blame games to concrete actions to tackle challenges and advance the country’s interests.
Context
*Nigeria’s economy has struggled with:
1. Low GDP growth
2. High inflation
3. Unemployment
4. About 90% dependence on oil exports
5. Corruption like a rainy season in the country
6. Without agrarian economic planning
7. And lack solutions to security challenges
*President Tinubu’s Economic Reforms:
1. Diversification initiatives
2. Privatization of state-owned enterprises
3. Trade liberalization
4. Monetary policy adjustments
5. Investment in infrastructure
6. Removal of all subsidies
7. Lack of tackling stagflation in the country.
*World Bank and IMF Interventions
1. Structural Adjustment Programs (SAPs)
2. Economic stabilization loans
3. Policy advice and technical assistance
*Critical Analysis
While President Tinubu’s reforms aim to address Nigeria’s economic challenges, there are concerns about their implementation and potential consequences. The World Bank and IMF interventions have had mixed results, with some arguing they exacerbate economic instability, precarity and aridity.
*Solutions to the problems:
1. Inclusive economic growth and development strategies based on calendar time frame
2. Human capital development
3. Infrastructure investment
4. Diversification and industrialization
5. Serious anti-corruption measures
6. Social safety nets
7. Encouraging Foreign Direct Investment (FDI)
8. Regional economic integration
9. And huge mobilization of agrarian economic development
*Conclusion:
President Tinubu’s economic reforms and World Bank and IMF interventions must be carefully evaluated to ensure they promote sustainable economic growth, stability, security and serialization of strategic development on railroads infrastructure in Nigeria to hasten economic growth and development. And a balanced approach addressing the country’s unique challenges and leveraging its strengths is this crucial time of globalization policy. By implementing inclusive and sustainable policies, Nigeria can unlock its potential and achieve economic prosperity that will make the Global South of the World to imitate. If President Ahmed Bola Tinubu’s team ship ignored the above-mentioned assertions (or any better options mentioned above) the possibility of winning the 2027 elections will be a mirage.
Dr. Abbati Bako, political strategy and communications consultant @IPRC Nigeria and PhD,.Scholar@Skyline University Kano, Nigeria the No16 best University in the country. And Treasurer@KACCIMA the most reliable Chamber in Nigeria
email abbatibako@gmail.com
GSM +2349077889959
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