Bretton Woods and the Nigerian experience
Since the return to
civil rule in 1999, Nigerians have been experiencing hardship resulting from the implementation of economic reforms dictated by the Bretton Woods institutions (IMF and World Bank).
These institutions force our leaders to place alien laws above divine laws and our own constitution. Today, over 80% of our people live below poverty line despite the abundant natural resources available to us.
Thus, after 47 years of independence, Nigeria is still where it is. What we had under Obasanjo, for instance, was a government characterized by lawlessness, unemployment, insecurity, poverty, inflation and corruption. But the present Yar’adua administration has brought hope for Nigerians by reversing certain anti-people policies despite the controversial process that brought it in.
The economic reforms programme under former President Obasanjo, was not a programme for developing the productive base of Nigeria ’s economy. It was rather a programme of taking from the people to pay international ‘money lenders’ (IMF and World Bank).
In fairness to Nigerians, what kind of debt relief did we get that could not translate to improved standard of living? What we experienced was the dwindling of the purchasing power of Nigerians as well as lack of employment, shelter, energy supply and good health care delivery system. All these are the products of our romance with the IMF and the world Bank. Nigeria is the only oil producing nation that increased pump price of fuel in 8 years the way we did. Still no thanks to Obasanjo’s romance with the IMF and World Bank.
Most Nigerians now appreciate Abacha’s lack of diplomacy in openly defying IMF/World Bank conditions, instead of Obasanjo’s dance to their tunes by implementing their suggested reforms to the letter and selling everything that belonged to us as a people.
These problems can be solved if the Yar’Adua administration can choose a different path from that of its predecessor. It should fashion out home-grown developmental strategies and not rely on strategies suggested by the IMF and World Bank. We, as a people, should also learn to speak out as part of our responsibility towards a better Nigeria.
Kabiru A. Yakubu,
Department of Mass Communication,
University of Maiduguri,
Borno State.
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