Former INEC Chairman, Professor Attahiru Jega, has cautioned the Nigerian government against uncritically adopting policy advice from the International Monetary Fund (IMF) and the World Bank.
Speaking at the 2024 Annual Directors’ Conference organised by the Chartered Institute of Directors of Nigeria (CIoD), Jega highlighted the importance of selective engagement with these institutions, warning that unquestioned compliance could create “greater medium and longer-term problems.”
“While it’s beneficial to engage with institutions like the World Bank and IMF, we must not swallow what they bring to us hook, line, and sinker,” Jega stressed, urging for thoughtful evaluation of their recommendations.
The conference, themed ‘Good Governance as a Catalyst for Economic Recovery, Growth, and Development,’ also saw Jega advocate for a more robust leadership recruitment process.
He remarked, “The major challenge facing Nigeria is that many leaders are unprepared for leadership,” underscoring the need for a leadership reform to drive sustainable economic growth.
His statements follow public scrutiny of recent economic measures, such as the removal of fuel subsidies and naira floatation, which are perceived as IMF—and World Bank-inspired policies.
However, the IMF’s African Region Director, Abebe Selassie, clarified that President Tinubu made the decision to remove the fuel subsidy domestically, emphasising that the IMF’s role in Nigeria is primarily consultative.
Jega encouraged a shift towards “People-oriented development processes,” urging Nigerians to prioritise democratic governance and critically assess external advice to secure the country’s economic future.