Shehu Sani Questions World Bank’s Commitment To Economic Recovery In Nigeria
Former Senator representing Kaduna Central in the 8th Assembly, Shehu Sani, on Wednesday, questioned the World Bank’s involvement in the ongoing economic challenges troubling Nigeria.
Sani expressed his concerns in a post on X, claiming that the World Bank intends for the current hardship to persist for another 15 years before Nigeria can achieve its desired economic stability
The former lawmaker expressed his concerns, while questioning the World Bank’s commitment to improving Africa’s economic conditions.
He wrote, “The World Bank wants the hardship to extend to the next fifteen years before we can reach the promise land. I don’t know how many people will be remaining at that time to enjoy the fruits of the WB in its promise land. The question is How many African countries have the World Bank taken to the promise land?”
The former senator’s statement comes on the heels of the World Bank’s recent report, which identified the Nigerian Naira as one of Sub-Saharan Africa’s worst-performing currencies by August 2024.
According to the latest Africa’s Pulse report, the Naira has declined alongside the Ethiopian Birr and the South Sudanese Pound, attributed mainly to the growing demand for U.S. dollars and reduced dollar inflows.
The World Bank report noted that the Naira had depreciated by around 43% as of August, reflecting the strain on Nigeria’s currency.
Meanwhile, the World Bank has urged Nigeria to remain constituent in its economic policies despite the hardship Nigerians are experiencing.
The World Bank Vice President and Chief Economist, Indermit Gill, gave the advice at the opening session of the #NES30# in Abuja, yesterday.
Gill insisted that Nigeria must sustain the reforms if it is to return to the path of sustainable growth.
He admitted that the reforms of the present administration had brought hardship to Nigerians, especially the poor, but that it was the only way out for the economy.
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