The Yoruba socio-cultural group, Afenifere, has urged President Bola Tinubu to exercise caution in adopting the World Bank’s recommendations on economic reforms, warning of potential adverse effects on Nigerians.
The warning was issued on Saturday in Ibadan by Afenifere’s National Publicity Secretary, Jare Ajayi, as the group expressed concern over recent advice from the global financial institution.
Afenifere’s caution follows the World Bank’s recommendation to reduce government spending on social services, which the group fears could lead to further hardship for the populace.
The statement comes in response to the World Bank’s call for Nigeria to sustain economic reforms over the next 10 to 15 years to solidify its position as a key player in sub-Saharan Africa’s economy.
Speaking at the 30th Nigerian Economic Summit in Abuja, World Bank Senior Vice President, Indermit Gill, underscored the importance of these long-term reforms.
However, Afenifere expressed skepticism, arguing that while the benefits of such reforms may take years to materialize, the immediate burden would be borne by the current administration and Nigerian citizens.
The group warned that President Tinubu’s government risks being remembered primarily for the sacrifices and hardships endured by the population, while future administrations could reap the rewards.
Afenifere urged the government to pursue policies that prioritize local businesses and reduce dependence on imports.
Ajayi cited the experiences of several countries, including Mexico, Mozambique, Ghana, Argentina, and South Korea, which faced setbacks after implementing economic prescriptions from the World Bank and the International Monetary Fund.
He contrasted these with Malaysia, which rejected similar conditions, with then-Prime Minister Mahathir Mohammed arguing that they would stifle economic growth and increase unemployment.
Despite acknowledging Tinubu’s efforts to streamline bureaucracy, boost productivity, and promote agriculture and entrepreneurship, Afenifere stressed that these goals are unattainable in the current socio-economic environment.
The group pointed to rising energy costs—particularly fuel, electricity, and gas—as a major factor driving businesses to collapse and contributing to unemployment and insecurity across the country.
To counter these challenges, Afenifere called for locally crafted policies that would strengthen domestic industries, foster innovation, and reduce the nation’s reliance on imported goods.
By adopting such an approach, the group believes Nigeria can achieve sustainable growth without subjecting its citizens to undue hardship.
The socio-cultural body’s remarks reflect growing apprehension among Nigerians about the government’s economic direction, as energy prices continue to soar, and social services remain strained.
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