On Wednesday, October 30, Professor Attahiru Jega, a former leader of Nigeria’s Independent National Electoral Commission (INEC), shared important advice for the Nigerian government. He warned against following every suggestion from the World Bank and the International Monetary Fund (IMF).
While speaking at the 2024 Annual Directors’ Conference, which focused on “Good Governance as a Catalyst for Economic Recovery, Growth, and Development,” Jega emphasized that engaging with these institutions can be helpful, but the government should be careful not to create long-term problems.
He highlighted that a big issue in Nigeria is that many leaders aren’t properly prepared for their roles. This lack of readiness can be a challenge for the country.
Recently, the World Bank and IMF have been linked to advising President Bola Tinubu on economic policies, including the removal of fuel subsidies and changes to the currency. These changes have led to increased prices and hardship for many people in Nigeria, which some have called “anti-people” policies.
However, Abebe Selassie, the IMF’s African Region Director, said during a recent meeting in Washington, D.C., “The decision was a domestic one. It was President Tinubu’s decision. We don’t have programs in Nigeria. Our role is limited to regular dialogue, as we have with other nations like Japan or the UK.”
Jega also urged Nigerians to focus on building strong democratic governance, not just good governance, as suggested by the World Bank. He believes this is essential for sustainable development that benefits everyone.
He stressed, “We should not swallow hook, line, and sinker what they bring to us. We must be very careful about their suggestions because, if we don’t, we might end up facing bigger problems in the future, even if we think we’re seeing short-term benefits.”
