The Traffic

"World Bank Under Fire: Shehu Sani Accuses Institution of Prolonging Nigeria's Economic Hardship"

Yakubu Haruna Yakubu 

Nigeria's economic woes have taken a new twist, with former Kaduna Central Senator Shehu Sani pointing fingers at the World Bank. Sani alleges that the institution is intentionally prolonging the country's economic hardship for another 15 years.

The senator's outburst comes on the heels of the World Bank's latest Africa's Pulse report, which revealed the Nigerian Naira as one of the worst-performing currencies in sub-Saharan Africa. As of August 2024, the Naira had lost a staggering 43% of its value.

Sani took to his social media handle to express his frustration, questioning the World Bank's efficiency in eradicating poverty in Nigeria. "The World Bank wants the hardship to extend to the next fifteen years before we can reach the promised land. I don't know how many people will be remaining at that time to enjoy the fruits of the WB in its promised land," he wrote.

The World Bank report highlighted the Naira's decline alongside the Ethiopian Birr and South Sudanese Pound. The report attributed the Naira's weakening to surges in demand for US dollars in the parallel market, driven by financial institutions, money managers, and non-financial end-users. Limited dollar inflows and slow foreign exchange disbursements to currency exchange bureaus by the Central Bank of Nigeria were also cited as contributing factors.

Sani's criticism raises questions about the World Bank's role in Nigeria's economic development. "How many African countries have the World Bank taken to the promised land?" he queried.

As Nigeria struggles to revamp its economy, the World Bank's report and Sani's accusations underscore the need for urgent action. With the country's economy showing some growth, driven by the oil sector's expansion, addressing the underlying challenges remains crucial.

Will the World Bank respond to Sani's allegations? Only time will tell. But one thing is certain – Nigeria's economic future hangs in the balance.