IMF, World Bank remedies can’t revive Nigerian economy – Don – Newstrends
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IMF, World Bank remedies can’t revive Nigerian economy – Don

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IMF, World Bank remedies can’t revive Nigerian economy – Don

The chairman, Board of Trustees (BOT) of the Centre for Transparency Advocacy, Dr. Chima Amadi, yesterday said economic remedies from the International Monetary Fund (IMF) and the World Bank cannot revive the Nigerian economy.

He also said the policies of the two international financial institutions may not be able to raise 200 million Nigerians out of poverty.

He asked the nation to look beyond ideas being imposed by developed countries.

He said developing countries should have the autonomy to choose policies that best suit their conditions.

Amadi, who made the submissions at the 4th National Colloquium in Sokoto, said the nation’s high inflation rate was indefensible.

He said: “Compared with other African and Asian countries, especially Indonesia, which is comparable to Nigeria in most respects, economic development in Nigeria has been disappointing.

“With GDP of about $45 billion in 2001 and per capita income of about $300 a year, Nigeria has become one of the poorest countries in the world. As of 2000 it had earned about $300 billion from oil exports since the mid-1970s, but its per capita income was 20 percent lower than in 1975.

“Meanwhile, the country has become so heavily indebted – external and domestic debt amount to about 70 percent of GDP— that it has serious difficulty servicing debts. Regional and sectoral unevenness in growth performance is high.

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“From the foregoing, it is simply clear that to raise 200 million Nigerians out of poverty as this current administration has resolved to do within the next decade, it would take more than just making it a campaign mantra but a radical departure from economic orthodoxy of the Global North evinced in the Washington Consensus model.”

Amadi, who is a doctoral fellow at the University of Warwick in the UK, said economic growth strategies recommended by developed countries for developing nations are unworkable.

He said the developed countries had been promoting  strategies which they had never practiced.

He added:” Historical context of development shows that many of today’s developed countries such as the United Kingdom and the United States achieved economic growth through strategies like tariffs, subsidies and regulations to protect their nascent industries. This historical perspective contrasts sharply with the free-market liberalisation policies they now promote for developing countries.

“The neoliberal policies advocated by institutions like the World Bank and the International Monetary Fund (IMF) such as rapid liberalisation of trade and investment, privatization and deregulation are not consistent with the historical experiences of successful development.

“In fact, these policies might even hinder the growth of developing nations by exposing them prematurely to global competition,” he added.

He said the federal government should adopt subsidies and other forms of intervention to save the economy.

Amadi said: “The state must play a significant role in guiding economic development similar to the way it was utilised by now-developed countries during their own developmental stages.

“This includes the use of tariffs, subsidies and other forms of government intervention to support budding industries. Shall we forget hastily how former president Donald Trump used tariffs to effectively protect the American economy from the onslaught of the Chinese trade practices?

“Developing countries should have the autonomy to choose policies that best suit their unique economic conditions and developmental stages. This contrasts with the one-size-fits-all approach often prescribed by international economic organizations.

“By providing this historical and critical analysis, I dare Nigeria’s leaders and economic policymakers to not be afraid to challenge conventional economic wisdom and call for a more nuanced and historically informed approach to economic development policy, especially for developing countries.

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“There is now an urgent need for policy diversity and experimentation, making it incumbent on policymakers to acknowledge that strategies successful in one country may not be universally applicable.”

On the nation’s high inflation rate, Amadi blamed it on over-reliance on oil revenue.

He added; “Inflation in Nigeria has been a complex and challenging issue throughout its history. The nation’s heavy reliance on oil revenues, inadequate diversification of the economy, policy mismanagement, and global economic dynamics have all played significant roles in shaping inflation trends.

“Before Nigeria gained independence in 1960, the country’s inflation rate was relatively low, primarily due to its agrarian economy and limited industrialization.

“ The 1970s marked a period of rapid economic growth fueled by oil exports, which led to a significant increase in government revenue. However, this period also witnessed rising inflationary pressures as the influx of petrodollars and increased government spending drove consumer demand and importation.

“The 1970s oil boom brought immense wealth to Nigeria, but it also led to economic imbalances. The nation became heavily reliant on oil exports, leading to a neglect of other sectors and creating vulnerabilities to oil price fluctuations.

“In the late 1970s and early 1980s, Nigeria experienced double-digit inflation, soaring to a peak of over 23% in 1984. The government’s mismanagement of fiscal policies and its inability to diversify the economy contributed to this inflation surge.”

IMF, World Bank remedies can’t revive Nigerian economy – Don

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Edo Gov Okpebholo freezes govt accounts, reverses ministry’s name

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Edo State Governor, Monday Okpebholo

Edo Gov Okpebholo freezes govt accounts, reverses ministry’s name

Edo State Governor, Monday Okpebholo, has directed the immediate freezing of all state-owned bank accounts.

In a statement issued on Thursday by his Chief Press Secretary, Fred Itua, the governor stated that the accounts would remain frozen until further notice.

He instructed commercial banks, ministries, departments, and agencies (MDAs) to comply with the order immediately or face severe consequences.

The statement reads: “All state bank accounts with commercial banks have been frozen. Commercial banks must comply with this order and ensure that not a single naira is withdrawn from government coffers until further notice.

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“Heads of Ministries, Departments, and Agencies must ensure full compliance without delay.

“Following necessary investigations and reconciliations, the governor will take appropriate action and decide on the way forward. For now, this order remains in effect.”

Okpebholo also directed relevant agencies to revert the name of the Ministry of Roads and Bridges to its previous title, the Ministry of Works, a change made during the Godwin Obaseki administration.

“It is odd to name a government institution the Ministry of Roads and Bridges, especially when not a single bridge was built by the previous administration — not even a pedestrian bridge.

“In the coming days, we will examine further actions taken by the previous administration and make decisions that serve the best interests of the state,” the statement added.

 

Edo Gov Okpebholo freezes govt accounts, reverses ministry’s name

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Israel-Palestinian conflict: Two-state solution is a deception, says Gumi

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Prominent Islamic scholar Dr. Ahmad Mahmud Gumi

Israel-Palestinian conflict: Two-state solution is a deception, says Gumi

Prominent Islamic scholar Dr. Ahmad Mahmud Gumi has criticized the widely discussed two-state solution for the Israel-Palestine conflict, calling it a “deception.”

His remarks followed a recent summit of the Organisation of Islamic Cooperation (OIC) in Riyadh, where President Bola Tinubu and other leaders condemned Israel’s actions in Gaza and urged an end to hostilities.

In an interview with Daily Trust at his Kaduna residence, Gumi argued, “This Two-State Solution is a deception. No Israeli will allow a Palestinian to survive, and Palestinians will never allow Israel to survive.

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The only solution is to dissolve the two states and create a democratically electable region.”

Gumi commended the OIC’s support for Palestine, noting that Muslims and Arabs worldwide increasingly see the treatment of Palestinians as “genocide” and accuse Israel of human rights abuses.

He also called for a return to the pre-1948 structure, where Palestinians, Jews, and Christians lived together, suggesting a single, inclusive state that allows peaceful coexistence.

“When I hear people talking about Two-State Solutions, I know they are just deceiving themselves,” Gumi added, advocating for a unified region where people of all faiths can live together, similar to the multi-faith coexistence seen in countries like the United States.

 

Israel-Palestinian conflict: Two-state solution is a deception, says Gumi

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Court sacks Ondo LP candidate, two days to governorship poll

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Olusola Ebiseni

Court sacks Ondo LP candidate, two days to governorship poll

The Labour Party candidature of Olusola Ebiseni for the upcoming gubernatorial election in Ondo State has been nullified.

The nullification follows the sacking of Ebiseni by the Court of Appeal, sitting in Abuja, on Wednesday.

The governorship election of the southwest State will hold on Saturday, 16 November 2024.

The judgement disqualifying Ebiseni was unanimously delivered by the three members of the panel and read out by the chairman of the panel, Justice Adebukola Banjoko.

The judgment granted the prayer of the Labour Party who preferred the case against Ebiseni.

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Justice Banjoko held that, “the appeal marked CA/ABJ/CV/1172/2024 brought by the Labour Party against Chief Olusola Ebiseni and two others is allowed.”

Justice Banjoko further stated that the Certified True Copy of the judgment would be provided to the parties involved in the appeal as soon as possible for their review.

Recall that Justice Emeka Nwite of the Federal High Court in Abuja had ordered the Independent National Electoral Commission to accept and recognize Olusola Ebiseni and Ezekiel Awude as the Labour Party’s governorship and deputy governorship candidates for the November 16 Ondo State governorship elections.

Justice Nwite confirmed that the second primary election conducted by the Labour Party, which resulted in Ebiseni and Awude being selected as candidates, was valid and should be upheld by INEC.

However, the appellate court has now overturned the judgment of the trial court’s judgment.

 

Court sacks Ondo LP candidate, two days to governorship poll

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