Concerns Over World Bank’s Dedication To Nigeria’s Economic Recovery Raised By Shehu Sani

Concerns Over World Bank’s Dedication To Nigeria’s Economic Recovery Raised By Shehu SaniFormer Senator Shehu Sani, who represented Kaduna Central in the 8th Assembly, raised concerns on Wednesday regarding the World Bank’s role in Nigeria’s ongoing economic difficulties. In a post on X, Sani suggested that the World Bank expects the current hardships to continue for another 15 years before Nigeria can achieve economic stability.....KINDLY READ THE FULL STORY HERE▶

He questioned the World Bank’s commitment to enhancing Africa’s economic conditions, stating, “The World Bank wants the hardship to extend to the next fifteen years before we can reach the promised land. I wonder how many people will still be around to enjoy the benefits of the World Bank’s promises. How many African countries have the World Bank truly led to the promised land?”

Sani’s comments followed a recent World Bank report highlighting that the Nigerian Naira is among Sub-Saharan Africa’s worst-performing currencies as of August 2024. The Africa’s Pulse report noted that the Naira has declined alongside the Ethiopian Birr and South Sudanese Pound, primarily due to increased demand for U.S. dollars and reduced dollar inflows. The report indicated that the Naira had depreciated by approximately 43%, underscoring the pressure on Nigeria’s currency.

In response, the World Bank has urged Nigeria to remain consistent in its economic policies despite the hardships faced by its citizens. Indermit Gill, the World Bank Vice President and Chief Economist, made this statement during the opening session of the #NES30# in Abuja. He emphasized that Nigeria must sustain its reforms to return to a path of sustainable growth, acknowledging that while the current reforms have caused difficulties, particularly for the poor, they are necessary for economic recovery.

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