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.
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.
