The World Bank and IMF's recent praise for President Bola Tinubu's economic reforms in Nigeria is unsurprising, according to renowned economist Prof. Akpan Ekpo. He notes that the reforms closely mirror the standard policy packages long promoted by these institutions.
Speaking during an interview on Arise Television on Thursday, Ekpo said the policies mirror the elements of the World Bank and IMF’s reform characteristics.
He argues that no developing country has achieved rapid growth or genuine structural transformation by implementing this type of reform agenda. Nearly three years into Tinubu's reforms, Nigeria's economy shows no meaningful structural shift—there has been little to no diversification away from oil dependence, no significant industrialization, and no broad-based gains in productivity, poverty reduction, or inequality.
“The World Bank and IMF’s praise for President Tinubu’s reforms in Nigeria isn’t surprising because these reforms mirror the package or elements of the World Bank and IMF’s reform characteristics, Prof Ekpo said.
“However, there’s no developing country that’s embarked on these types of reforms and fast-tracked growth and development. We’re almost three years into the reforms, yet the economy’s structure hasn’t changed even marginally.
“And on record, we don’t know of any developing country that has embarked on the IMF/World Bank type of reform. The Bank should know that the reform packages transform the economy in a structural sense. We are almost three years into the reform.
“Even in the context of the reverse GDP and the CPI, the structure of the economy has not changed. Does not change even marginally,” he said.
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