The Youth Rights Campaign (YRC) has strongly condemned President Bola Tinubu’s alignment with the World Bank and International Monetary Fund (IMF), calling for mass resistance against the neo-liberal policies being implemented by his administration.
The group raised concerns about the potential long-term negative impacts of the current administration’s policies on Nigeria’s economy and the well-being of its people. They argue that these policies, influenced by international financial institutions, have already contributed to declining living standards for millions of Nigerians and threaten the nation’s economic future.
In particular, the rights group criticized Indermit Gill, Senior Vice-President of the World Bank, for his recent comments at the 30th Nigeria Economic Summit in Abuja, where he emphasized the importance of sustaining critical reforms for at least 15 years.
Reacting to this comment, Francis Nwapa, the National Secretary of YRC, condemned the comments made by Gill, asserting that they reflect a disregard for the adverse effects these reforms have had on the Nigerian economy and the living standards of its citizens.
“Despite the devastating impact of these so-called reforms on the Nigerian economy and the living standards of its people, Mr. Gill believes it is in the best interest of Nigerians to continue suffering to achieve the ruinous World Bank agenda,” Nwapa said.
Nwapa also described the World Bank’s policies as being aligned with “economic vampires,” accusing President Tinubu and his administration of acting as “yes men of imperialism.”
According to the YRC, these neo-liberal policies have contributed to widespread economic instability, unemployment, and a decline in living standards, while offering little hope for immediate relief.
“What Mr. Gill didn’t tell his listeners is that humans must be alive, in good health, with access to education and security, to achieve a prosperous future,” Nwapa added.
“Are these IMF/World Bank anti-poor reforms meant to benefit Nigerians, or simply to serve the interests of the World Bank and its imperialist funders?”
The statement further reads, “In August 2024, the same World Bank reported that domestic food prices in Nigeria remains among the highest globally by 37.5%.”
The UN’s Food and Agriculture Organisation Director-General, Qu Dongyu was reported to have said, “The magnitude of suffering in Nigeria is alarming. It is incumbent upon all of us to act now and to act fast to save lives, safeguard livelihoods and prevent the worst situation.”
Nwapa explained that the United Nations children Fund UNICEF announced that 18.3 million children are out of school in Nigeria, a figure higher than the population of the Netherlands.
“Inflation in Nigeria is currently at 32.15%. youth unemployment is currently at 53.40%, while at the last report of Global Hunger Index, despite having 36.9 million hectares of arable land Nigeria was ranked 110 out of 125 countries coming behind countries like Sudan, Zimbabwe, DR Congo and Guinea.”
He said Nigeria is a leading oil producer in the world and endowed with several natural resources capable of putting the country among the richest in the world with the citizens benefiting from her wealth.
“The Manufacturing Association of Nigeria (MAN) has reported a concerning trend within the industry, revealing that about 767 manufacturing companies shut down operations while 335 experienced distress in 2023.
“This development is attributed to various economic difficulties, including exchange rate volatility, rising inflation, and a general worsening of the investment climate.”
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