Jega warns about danger of accepting blindly IMF, W’Bank advice

Jega warns about danger of accepting blindly IMF, W’Bank advice

Former Chairman of the Independent National Electoral Commission (INEC), Professor Attahiru Jega, has cautioned Nigeria against uncritically accepting advice from Bretton Woods institutions, particularly the World Bank and the International Monetary Fund (IMF).

Professor Jega delivered this caution on Wednesday during his lecture at the ongoing 2024 Annual Directors’ Conference, organized by the Chartered Institute of Directors of Nigeria (CIoD).

The conference, themed “Good Governance as a Catalyst for Economic Recovery, Growth, and Development,” highlighted the role of governance in Nigeria’s economic trajectory.

The former university don emphasized that while engaging with information from the IMF and similar entities can be beneficial, the government must exercise discernment to prevent significant challenges.

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“That is why it is better to focus on good democratic governance, rather than just good governance as conceptualized and promoted (imposed?) by the Bretton Woods institutions, to rationalize the failure of SAP and its profound negative consequences on socioeconomic development in the countries compelled to introduce and implement it. 

“Hence, to re-echo my often re-stated and repeated argument, what Nigeria needs and requires is not merely ‘good governance’ as conceptualized by the World Bank and the IMF,  but good democratic governance, anchored on constitutionalism, the rule of law, lawful conduct by elected public officials, representatives of the people and their appointees, circumscribed by professional, moral and ethical conduct, as well as selflessness,” Jega said.

Jega further advocated for reform in Nigeria’s leadership recruitment process, identifying the lack of preparedness among many leaders as a critical issue facing the nation.

Jega warns about danger of accepting blindly IMF, W’Bank advice