Former Chairman, Independent National Electoral Commission (INEC), Professor Attahiru Jega has warned Nigerians to exercise caution when considering advice from the World Bank and International Monetary Fund (IMF).
Speaking at the 2024 Annual Directors’ Conference organized on Wednesday by the Chartered Institute of Directors of Nigeria (CIoD), with the theme, “Good Governance as a catalyst for Economic Recovery, Growth and Development,” Jega emphasized that while engaging with information from these institutions can be beneficial, the government must carefully evaluate their suggestions to avoid long-term problems.
Jega stressed the need for reform in Nigeria’s leadership recruitment process, noting that many leaders are unprepared for their roles. He advocated for embracing democratic governance, rather than solely relying on the World Bank’s concept of good governance, to achieve sustainable development.
“We should not swallow hook, line and sinker what they bring to us,” Jega warned. “We must be very careful… because if we don’t do that, we may fall into greater medium and longer-term problems.”
Alhaji Tijjani Borodo, president and chairman of the CIoD Council, highlighted the institute’s commitment to promoting corporate governance and empowering business leaders to contribute to their organizations and the nation.
The Bretton Woods institutions have faced criticism for allegedly influencing President Bola Tinubu’s economic policies, including fuel subsidy removal and Naira floatation, which have led to inflationary pressures. However, Abebe Selassie, IMF’s African Region Director, clarified that the organization did not advise Tinubu to remove fuel subsidies, stating it was a domestic decision.
