• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Tuesday, July 1, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

World Bank, IMF projection on Nigeria’s economy excites expert

IMF

The Matters Press by The Matters Press
December 18, 2023
Reading Time: 2 mins read
0
Economists Challenge IMF on call for further VAT increase in Nigeria

Sokoto, Dec. 18, 2023: An Economics and Scholar, Dr Amadi Chima, has cautioned leaders on World Bank and International Monetary Fund (IMF) economic strategy projections that were mostly against the economic growth and development in Nigeria.

RELATED POSTS

Transformational in FCT in line with Tinubu’s Renewed Hope agenda

Ignore Atiku’s claim to dilute historic mechanised farming deal with Belarus

Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group

Amadi made the call at the fourth in the series of National Colloquium being organized by Mr Zayyana Tambari-Yabo on Saturday in Sokoto.

In his presentation on a topic ” Nigeria: In Search of an Effective
Political/Economic Formula for National Development ” Amadi noted that the institutions projections were always negating local contents and aspiration of the citizens of Nigeria.

He said they relied on international dependence revolutions models which relies on the belief that developing countries were beset by international, political and economic rigidities.

He added that both domestic and international policies were caught in a dependent and dominant relationship with rich countries.

According to him, most countries that achieved greater economic prospects in the world have not followed the World Bank and IMF projections, rather focust on realist policies relevant to their nations.

Amadi explained that earlier Nigeria’s economy was based on exports and commercial activities while at present vast percentage was from oil resources.

He added that introduction of Structural Adjustment Programme (SAP) in 1986 rested on deregulation, privatization and commercialization and devaluation of currency led to public enterprises and agencies were wasteful and inefficient.

” Economic reforms under SAP appeared to have intensified speculative and trading activities rather than productive.

” The proliferation of merchant banks, finance houses, deregulation of interest rates, privatization of the economy and new industrial policy did not bring in the needed foreign direct investments, ” he said.

Amadi stressed that the National Economic Empowerment and Development Strategy (NEEDS) was touted as a home-ground alternative to the Poverty Reduction Strategy Paper (PRSP) endorsed by the World Bank to be prepared by heavily indebted poor countries did not yielded much impacts.

” NEEDS was designed for poverty reduction, wealth creation, employment generation, infrastructural regeneration and value reorientation.

” Adopted policies failed due to lack of clear vision identified as the foundation basis for the disjointed mission of development planning in Nigeria.

” Absolute alignment to western pattern and notion of development, any development plan and initiatives that does not encourage the disengagement of Nigeria economy from exploitative structural links with western capitalist economy may not succeed. ” Amadi said.

He added that financial constraints is another factor facing development planning successes in Nigeria, multiple taxations, internally generated revenue, external reserves, aids and loan were not adequately plan.

The Economist noted that developing countries should develop autonomous plan for thier policies that suit thier unique economic conditions and developmental stages based on the learnt experiences.

Earlier, the Convener Tambari-Yabo said the series of colloquiums were being conducted to brainstorm on societal challenges and nation’s progress as part of the contribution to the community development.

Tambari-Yabo added that the motive was to encourage productive thinking, correct the mindset if coming generation and to alert the leaders on desirable needs in the nation.

He said poor polices led to increased in JAPA Syndrome and other intellectuals movements outside the country.

Alhaji Sani Umar-Jabbi, the District Head of Gagi who represented Sultan of Sokoto, Alhaji Sa’ad Abubakar, enjoined leaders at all levels to strives toward attitudinal change among people as well as sensitize people on the dangers on population upsurge which hinders demographic planning.

Tags: IMFWorld Bank
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Property owners besiege FCT office to pay ground rent
Economy/Technology

Transformational in FCT in line with Tinubu’s Renewed Hope agenda

June 30, 2025
China’s agricultural wholesale products prices continue to drop
Agriculture

Ignore Atiku’s claim to dilute historic mechanised farming deal with Belarus

June 29, 2025
$2.5 billion JBS investment, a big economic victory for Nigeria –  TDF
Economy/Technology

Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group

June 27, 2025
ActionAid, SWOFON call for urgent completion of BOA recapitalisation
Agriculture

N1.5trn recapitalisation of Agric bank will herald food security – TMV

June 26, 2025
Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF
Energy

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

June 25, 2025
Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope
News

Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope

June 25, 2025
Next Post
Dangote Fertilizer in gas supply deal

Port Harcourt refinery ready in December, NNPCL assures Nigerians

Shettima arrives in U.S for AfDB’s world food dialogue

Shettima pledges support for young entrepreneurs

Recommended Stories

New homes for displaced persons in Borno excites Buhari

FMBN, company inaugurate 28 flat units in Lagos

May 7, 2023
Make cash accessible, remove obstacles —stakeholders plead

ASUU: Court declares no work no pay” legal

May 30, 2023
Nigeria, WFP worry over food situation

Pest consumes Nigeria’s high volume of annual farm produce

December 6, 2021

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Transformational in FCT in line with Tinubu’s Renewed Hope agenda
  • Ignore Atiku’s claim to dilute historic mechanised farming deal with Belarus
  • Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us