ActionAid Nigeria Disagree with World Bank’s Over 15-Year Reform Plan
Editor
ActionAid Nigeria has strongly condemned the World Bank’s call for continued economic reforms in Nigeria for the next 15 years, labeling it “misguided” and “insulting” to millions of Nigerians struggling with economic hardship.
The organization points to the devastating impact of previous World Bank-backed reforms, such as the Structural Adjustment Programme (SAP) introduced in the late 1980s. SAP crippled Nigeria’s local industries, including the textile sector, and led to increased dependence on imported goods.
The World Bank’s Senior Vice President and Chief Economist, Mr. Indermit Gill, unavailable the 10-15 years plan at the 30th Nigerian Economic Summit (NES30) in Abuja.
However, ActionAid Nigeria argues that the proposed reforms are disconnected from Nigeria’s socio-economic realities, particularly regarding poverty, weak institutional capacity, and structural economic deficiencies.
ActionAid Nigeria highlights the dire consequences of current reforms, including:
- Over 8 million small businesses shut down within 18 months due to economic hardship
- Increased poverty and unemployment rates
- Severe hardship for citizens, with inflation at a 28-year high
- Disproportionate impact on Nigeria’s poorest, deepening poverty and inequality
ActionAid Nigeria demands that the government prioritize the welfare of its people and reject the World Bank’s economic blueprint. The organization calls for:
- Investments in local industries and small businesses
- Sustainable economic models that empower Nigerians
- Effective, transparent, and sustainable safety nets
- Accountability to the people, with reforms centered on their needs
“We cannot and will not wait for 15 years for economic policies that will continually inflict hardship,” said Andrew Mamedu, Country Director of ActionAid Nigeria. “The people of this nation deserve urgent action, not promises of long-term recovery.”
