The Nigeria Labor Congress has said that the World Bank is one of Nigeria’s problems over the former’s call for fuel prices to be pegged at N750/litre.
This is according to a recent statement signed by the NLC president, Joe Ajaero.
The NLC president wrote that it is truly a shame that the World Bank has shown itself to be an enemy of the Nigerian nation.
He stated further that the NLC vehemently rejects the recent advice by the World Bank urging the Nigerian government to increase petrol prices to N750 per litre.
He wrote:
- “The World Bank’s lead economist for Nigeria, Alex Sienaert, corroborated this unwarranted recommendation during a presentation in Abuja, reinforcing the need for the government to abandon its commitment to the people and embrace policies that only serve the interests of foreign entities.
- “The difficulties and suffering created by the last hike in the price of PMS (fuel), which was a product of the advice of the World Bank and its sister institution, the IMF, are still ravaging the nation destroying in its wake the nation’s industrial base and domestic manufacturing capacity which favours Western metropoles.
- “World Bank is truly part of the problem of Nigeria.”
More Insights
According to the NLC statement, the advice from the World Bank serves as a stark reminder to those skeptical of the Bretton Wood institutions, revealing that these institutions, notably spearheading the neo-liberal school, don’t prioritize the interests of the poor.
Instead, they implement policies that further impoverish the less privileged while favouring the enrichment of the wealthy.
The statement by NLC also emphasizes how the World Bank’s consistent promotion and execution of anti-poor policies have caused destabilization in numerous countries, especially those within the sub-Saharan region.
- “It’s crucial that the Nigerian government doesn’t permit external entities such as the World Bank and the IMF to dictate policies that harm the welfare of its citizens,” the statement asserted.
The NLC stressed the necessity for national leaders to look inward, harnessing the abundant resources and human potential within Nigeria to tackle challenges and formulate policies aimed at genuinely improving the living standards of all Nigerians.
Emphasizing their stance against foreign interventions, particularly those influenced by the World Bank and IMF, the NLC highlighted the historical trend of exacerbating economic disparities in developing nations.
- “It’s not just impractical but morally wrong for the World Bank to persist in advocating policies that endanger citizens’ lives and livelihoods, putting our nation at risk,” they declared.
- “The World Bank continues to oppose the revival of our domestic refineries, advocating for imaginary import-based solutions instead of urging the government to revitalize our local refineries,” the statement pointed out.
The NLC also urged the World Bank to refrain from meddling in Nigeria’s internal affairs, considering such interference as rude and insensitive.
They emphasized the importance of allowing Nigeria to govern itself without external imposition.
Catchup
In its latest Nigeria Development Update released December 13, 2023, the World Bank hailed the fuel subsidy removal as a key policy which will drive economic growth in the country and suggested that fuel pump price should be N750 per litre as opposed to the current N617 per litre (NNPCL prices). Note that privately held fuel stations sell as high as N640 per litre across the country or higher.
I think World Bank economic policies are sound. The problem is that the Institution should know by now that many policies of theirs, though economically sound, are not suited for corrupt, wasteful and ineptly run economies like those of Nigeria and most African countries. Their policies have appeared to rather achieve the opposite result in these underdeveloped countries causing more poverty and hardships due to haphazard implementation.