"IMF, World Bank Imposed Neo-colonial Model of Economic Development On Nigeria.... ActionAid Nigeria

"Unfortunately the IMF and World Bank have imposed a neo-colonial model of economic development based on exploitation and extraction from the Global South, especially in Nigeria (Fifty Years of Failure: The IMF, Debt and Austerity in Africa) which has given rise to regular debt and economic crises." ActionAid Nigeria Country Director, Andrew Mamedu.

.... Nigerians Currently Facing Myriads Of Socioeconomic Challenges.

The increasing unemployment figures in nigeria, including the rising cost, increasing poverty, dwindling public revenue and ever rising inflation have been highlighted as the myriads of socioeconomic challenges that Nigerians are currently contending with.

This was the assertion by the Country Director of ActionAid Nigeria, Mr Andrew Mamedu at a fora in Abuja recently.

Mamedu made this known during a Technical Roundtable discussion with the Theme: Exploring The Economic Outlook of Nigeria.

The ActionAid Director who said the discourse on such issues affecting the country has become imperative for a public discourse on what informs the economic priorities of the new administration, stated that unfortunately the IMF and World Bank have imposed a neo-colonial model of economic development based on exploitation and extraction from the Global South, especially in Nigeria (Fifty Years of Failure: The IMF, Debt and Austerity in Africa) which has given rise to regular debt and economic crises. 

According to the ActionAid Nigeria Country Director, "These crises have then been used to justify the imposition of harsh loan conditions and coercive policy advice on African governments generally, perpetuating dependency and stripping away the capacity of states through cuts to public spending.

"Although some of the rhetorics has changed in recent years, in practice the IMF and World Bank are still attached to this Cult of Austerity, undermining progress on health, education, agriculture and other public services thus, blocking the capacity of the state to effectively respond to it's obligations to the citizens.

He disclosed that ActionAid Nigeria's research (Trends in Public Sector Wage Bills In Nigeria and Effect On Public Service Delivery) has shown in particular that IMF enforced cuts and freezes to public sector wage bills have consistently blocked the recruitment of urgently needed teachers, nurses, midwives, and other public sector workers.

"We have documented the gendered impact of these cuts, with women being the first to lose eccess to services, the first to lose opportunities for decent work and the first to absorb the rising tide of unpaid care and domestic work.

According to him, "Given this emerging scenario and the impact on the people, AAN is calling for a redefinition of the purpose of incurring debts in clear terms. 

"It should be to promote value chain development, improve the macroeconomic framework, develop infrastructure, and build strategic human capital. This will imply a deletion of amendment in the 2021 Finance Act which introduced an omnibus new term called " National Interest" as a justification for borrowing.

Mr Mamedu stated that there is need to establish a public review mechanism through which the cost benefit analysis of loans and their implications are ascertained before the Federal or State Governments enters into loans agreements l