Afenifere Compels Tinubu’s Government to Reject World Bank’s Harmful Economic Policies

| By Adejumo Adekunle –

The Afenifere, a prominent pan-Yoruba socio-cultural and political organization, has urged President Bola Tinubu’s administration to reconsider recent advice from the World Bank, which suggested cutting government support for social services in Nigeria. The group raised concerns on Saturday, cautioning against the long-term impact of such measures.

Earlier this week, Indermit Gill, Senior Vice President of the World Bank Group, recommended reducing government backing for social and economic programs in Nigeria, alongside the floating of the Naira. He made these remarks at the Nigerian Economic Summit Group’s (NESG) three-day event, which began on Monday, October 14. Gill indicated that the results of these economic strategies would only become apparent in 10 to 15 years.

In response, Afenifere’s National Publicity Secretary, Jare Ajayi, urged the government to be cautious. Ajayi emphasized that the current administration would have completed its term before any positive outcomes from the World Bank’s policies might emerge, leaving Nigerians to endure the sacrifices and hardships, while another administration could reap the rewards.

Ajayi argued that rather than following the Bank’s policies, Nigeria should focus on boosting local businesses and fostering homegrown initiatives, reducing reliance on imported goods. He pointed out that many countries that followed World Bank or IMF prescriptions, such as Mexico, Ghana, Argentina, and others, found themselves in worse economic conditions.

Ajayi also highlighted Malaysia’s success story, where the government ignored similar advice, opting for policies that strengthened its economy despite initial challenges. He urged the Tinubu administration to avoid the economic pitfalls associated with such models and instead lay a solid foundation for Nigeria’s economic recovery through local solutions.