The Yoruba socio-cultural organisation, Afenifere, has warned the President Bola Tinubu-led Nigerian government to be wary of the World Bank’s advice on the country’s economic reforms, considering its negative impacts on Nigerians.
In a statement issued on Saturday in Ibadan, the Oyo State capital, by its National Publicity Secretary, Jare Ajayi in Ibadan, Afenifere expressed concerns about the World Bank’s advice, particularly the global bank’s recent recommendation to reduce government support for social services in Nigeria.
Recall that the Bank emphasised the need for Nigeria to sustain its economic reforms over the next 10 to 15 years to emerge as a key economic player in sub-Saharan Africa and beyond.
The Senior Vice President, Indermit Gill, had conveyed this message at the 30th Nigerian Economic Summit in Abuja.
In the statement, Afenifere cautioned that by the time the potential benefits of these reforms materialise, the current administration under President Tinubu would have completed its term.
The group highlighted the risk that his administration might only be remembered for the sacrifices and hardships endured by citizens, while future leaders could take credit for any resulting improvements.
They advocated for policies that promote local businesses and initiatives to lessen dependence on imports.
Ajayi pointed out that many countries that followed similar prescriptions from the World Bank and International Monetary Fund faced adverse outcomes.
He referenced nations like Mexico, Mozambique, Ghana, Argentina, Thailand, South Korea, Indonesia, and the Democratic Republic of Congo, which experienced setbacks after adhering to such conditions.
In contrast, Malaysia opted out of similar recommendations, with Prime Minister Mahathir Mohammed asserting that the conditions would hinder economic growth, increase unemployment, and adversely affect citizens’ welfare.
Afenifere acknowledged Tinubu’s efforts to reduce bureaucratic hurdles, boost productivity, enhance agriculture, and promote entrepreneurship.
However, they stressed that the goals could not be achieved in the current socio-economic climate, characterised by rising energy costs that impact health and security.
The organisation noted that high energy prices affecting fuel, electricity, and gas are driving many businesses to the brink and contributing to increased unemployment and insecurity.
The group called for locally developed policies that strengthened domestic businesses, foster innovation, and reduce reliance on imports.
