World Bank Embroidery Defence of A Reform That Dissolves The Economy Rather Than Evolve it

BY AVM (RTD) AKUGBE IYAMU 

Why does the World Bank want Nigerians to stay with a reform that no longer serve their interests? For instance, there is particular relief that comes from a reforms with being able to provide basic and essential goods and services for survival, add economic prosperity and the game changes. Is WB not conscious that Reforms should expand the lives of citizens and not live them unable to imagine a life outside the reform as affordability crisis has become the way of life of the citizens. WB need to know that economic recovery in Nigeria has become a nightmare because the reforms have swallowed everything around citizens lives and livelihoods. For instance, an economy cannot be said to be recovering when people borrow money from formal sectors to survive.

As things stand now , whether we need jobs, need to pay our hospital bills and other living expenses, we must wait for petrol subsidy money to be collected and reinvested. If your village school is in disrepair, wait for subsidy money. World Bank is telling Nigerians that consumption borrowings that absorb scarce financial resources and yield no economic multipliers is now stimulating growth.

On WB is refusing to separate the promises of a reforms and potentials from a success equation to look at what is actually in front of Nigerians. We acknowledge the WB in helping Nigerians see what the reforms have opened up: poverty, inequality and hunger. Nigerians know what a well intentioned reform can do for the citizens. While the WB is pushing that Macroeconomic reforms can create the conditions for growth but the questions are whether that growth translates into affordable housing, jobs, reliability of electricity, better healthcare, productivity in agriculture and increased purchasing power.

The WB is not acknowledging the current situation of Nigeria where the pain of the reform follow every Nigerian due to the unintended consequences.

AVM (RTD) AKUGBE IYAMU

PRESIDENT ASSOCIATION OF ENVIRONMENTAL PROTECTION AND CLIMATE CHANGE PRACTITIONERS

CONSULTANT ON CLIMATE CHANGE AND ANALYST ON ENVIRONMENTAL POLICIES AND COMMENTATOR ON NATIONAL ISSUES

You can send your views to iyamuken65@gmail.com and 07057447442 ( messages only)