Former Chairman of the Independent National Electoral Commission (INEC), Professor Attahiru Jega, has warned the Nigerian government against blindly implementing policy recommendations from the International Monetary Fund (IMF) and the World Bank.
During his address at the 2024 Annual Directors’ Conference hosted by the Chartered Institute of Directors of Nigeria (CIoD), Jega emphasized the necessity of engaging selectively with these international financial institutions. He cautioned that uncritical adherence to their advice could lead to “greater medium and longer-term problems.”
“While engaging with organizations like the World Bank and IMF can be advantageous, we should not accept their proposals without careful consideration,” Jega stated, advocating for a thoughtful assessment of their recommendations.
The conference, which was themed ‘Good Governance as a Catalyst for Economic Recovery, Growth, and Development,’ also saw Jega calling for improvements in the leadership recruitment process in Nigeria. He pointed out, “The significant challenge facing Nigeria is that many leaders are ill-prepared for their roles,” highlighting the urgent need for leadership reform to foster sustainable economic growth.
His comments come amid public criticism of recent economic strategies, including the elimination of fuel subsidies and the floating of the naira, which are seen as policies influenced by the IMF and World Bank.
In response, Abebe Selassie, the IMF’s African Region Director, clarified that the decision to remove the fuel subsidy was made by President Tinubu, stressing that the IMF’s involvement in Nigeria is largely consultative.
Jega further advocated for a transition towards “people-oriented development processes,” encouraging Nigerians to prioritize democratic governance and critically evaluate external recommendations to ensure a secure economic future for the country.
