Editorial
Nigeria May Become Poorer By Unwisely Following IMF And World Bank Policie
By Festus Tokunbo
Published 17 hours ago on October 18, 2023
A Dutch Professor once told me; “the history of humanity is a history of exploitation of all kinds”. I have found this to be true and don’t expect any changes in decades. The under-development of Nigeria can partly be blamed on imperial policies of the west promoted through institutions such as the IMF and World Bank, in addition to the corrupt practices of the country’s political system. Nigeria is potentially, one of the richest countries in the world in terms of humans, minerals and ecological resources, but the development policies of the west promoted through institutions such as the IMF and World Bank, political corruption and weak institution have hindered the country from achieving its dominant potentials. “A leopard doesn’t change its skin”. In summer 2021, I challenged an IMF official at Jaume University in Spain that the institution may need structural reform to maintains its functions as a global financialsurveillance, citing the example of some of East Asians countries that now prefer loans fromthe Chinese government or AsianInfrastructural InvestmentBank to the IMF loans when those countries are experiencing payment imbalances. In response, the IMF official who was the chief speaker at the event said the Asian countries prefer Chinese loans to IMF loans due to China’s geopolitical influence on the Asian continent. But that’s far from the truth, because after the experience of the East Asians Economic Crisis in 1997, some of the East Asians countries have adopted capital control and are less interested in the IMF and World Bank loans due to its market conditionalities that weaken macroeconomic variables of the borrowing countries. The IMF loans erode monetary policy autonomy of the borrowing country and also attract a high cost of servicing. UNICEF recentlyargued that the cost of servicing external debt in most low-income countries exceeds government expenditures on health, education and social services. The IMF and World Bank loans are also becoming unsustainable due to the aggressive monetary policies in the United States that is leading to the surging of the US dollar. Whenever the US adjusts its interest rates, the consequence of such a policy is the cost of refinancing existing debt would be on the increase for low-income countries. That’s why the fastest growing economies since the end of the 2nd World War have pursued a different economic model than that of the World and IMF.
It came to happen that countries that have adopted other economic and fiscal policies other than that of the IMF and World Banks recommendations have achieved transitions from low-income to upper middle-income countries and are now the newly-industrialised economies. Since its formation in 1945, the IMF has promoted politics that weaken the currencies of low-income countries and de-industrialised their economics. IMF has also promoted policies structured on market conditionality’s, strengthened transnational actors and weakens national institutions. Since about 40 years ago, the IMF and World Bank projects havebeen highly concentrated in Latin America, Africa and South Asia. Today, those regions are the poorest in the world because the IMF and World Bank policies have not improved their macroeconomic nor socioeconomics variables. The Bretton wood institutions have constantly promoted dollarization polices and maintain that the Nigerian currency is over-valued, which has led to the CBN constantly devaluing the naira since the 1990s. The Nigerian currency has depreciated from N198 to $1 when the APC government of President Buhari unseated the PDP in 2015 to about N1000 to $1 today. The APC government borrowed more from the IMF and World in 9 years than the total amount that the PDP governments borrowed in its 16yrs administration. The devaluation of the naira has crippled the Nigerians’ purchasing power,worsening the consumer-price index and increased monetary poverty in Nigeria. President Tinubu has also continued in the path of his predecessor by borrowing majorly from the IMF and World Bank for consumption.If this path continues, the Nigerian currency may depreciate to N2000 for 1$ by 2024 and lead to an increase in the monetary poverty index in the country. Rather than increasing the Nigerian debt stock, the government should promote policies that increase internally-generated revenue. President Tinubu should set a good example by radically reducing the cost of governance; begin with the executive arm, which may influence other arms of government to reduce the cost of governance. In its 2023 World Economic outlook, the IMF and World Bank have advised that Nigeria adjust its interest rate,which today stands at 18.75%. The 18.75% interest rate would hinder local production of goods and services, hinder the ability of the country to address the currency crisis and monetary poverty. The interest rates in some African countries are among the highest in the world. Imposing high-interest rates on low-income countries is like creating more poverty in those countries. In the European Zone, the interest rate is 4.5%;it is 5.3% in the UK and 5.5% in the US. The interest rate in South Africa is about 8.25%. To address monetary poverty in Nigeria, the interest rate must be less than 10%. To achieve this, the government must improve its internally-generated revenue, reduce international borrowing to achieve monetary policy autonomy, reduce government spending on recurrent expenditure and engage capital control to achieve fiscal sustainability.
Nigeria must de-dollarize the economy to address its monetary poverty.
From the macroeconomic interplay of the last 20 years in low-income countries, there seems to be a linear relation between dollarization and monetary poverty. No governments in developing countries have addressed poverty nor stimulated economic growth since the end of the Second World War in 1945 without promoting de-dollarization policies. The Former Finance Minister, after her 20 years’ experience with the World Bank believed Nigeria cannot achieve monetary stability without de-dollarization and initiated the currency swap between China and Nigeria. The succeeding governments after Owealla have refused to fully implement the swap policy. In a recent interview, the famous human rights lawyer, Femi Fallana said CBN intelligence told him the IMF instructed the former CBN governor, Emefielle to stop the implementation of the currency swap between Nigeria and China. Mr Emefielle was so unwise to have listened to the IMF and abandoned such a smart monetary policy. I cannot imagine the IMF instructing the South African government or any of the New-industrialised countries to abandon de-dollarization policies that would strengthen their local currencies and stabilise the macroeconomics. Nigeria will need to revisit its currency swap with China and also initiate the Nigerian-Indian currency swap to de-dollarize the economy, strengthen the naira and address monetary poverty. The IMF and World Bank have promoted policies over the years that have led to the radical declined of the Nigerian currency against western currencies while the Naira still maintains sustainable values with some of Nigerian top trading partners like China and India. The economic implication of this is that Nigeria can achieve currency stability and economic sustainability by trading exclusively in Asian currencies. The medium-term solution to address the Nigerian currency crisis is initiating currency swaps with its top trading partners while the long-term solution is the local production of goods and services.
Strong national institution will promote policies that improve government revenue and address poverty;
The Nigerian political institution is among the weakest in Sub-Saharan Africa despite its huge economic, human and ecological potentials. The newly industrialised countries maintain a balanced relationship with IMF and World Bank. South Africa has a stronger and independent political institution than Nigeria in foreign policies and that has reflected in the country’s economic growth. The IMF and World Bank will not dictate to the South African government nor will the institution succeed in promoting wrongheaded policies to the country. Nigeria has been a victim of western imperial policies perpetrated by the IMF and World Bank since her independence in 1960 due to weak institutions. That’s why the country failed to fully explore carbon development to achieve energy security that would have stimulated local industrialisation and economic growth, despite its huge reserves of carbon resources like coal, uranium, nuclear and other fossil fuels. South Africa, on other hand fully explored the carbon-age towards economic development. The country currently generates about 59,000 megawatts for its 61 million population. In its energy transition plan, South Africa intends to transit majorly through the adoption of natural gas and nuclear energy because those energy resources are more sustainable for the Sub-Sahara African countries than the solar and wind energy being promoted by the IMF, World Bank and western governments. The Nigerian Nationally Determined contribution to climate change may cause millions of Nigerians to experience monetary and energy poverty in their lifetime because the climate change objective is western imposed and does not suite Nigeria’s socioeconomic realities.President Tinubu led administration must be independent of the institutions such as the IMF and World Bank in policy making and promote policies that suites the Nigerian socio-economic reality. I am impressed with President Tinibu’s Minister of Women Affair for threatening the United Nations with legal suite for inappropriate financial practices with Nigeria. The ability to maintain balanced relations with institutions such as the UN, IMF and World Bank is critical to Nigeria achieving a transition from poverty to prosperity and achieving economic dominant.
Festus Tokunbo.
Nottingham Trent University, UK.
International Development & Climate Change Analyst.
Email; festus.ayomipo2022@my.ntu.ac.uk
By Prof. Ben Binebai
Today we embark on a journey through the annals of history, to unravel the mystique of the 12-Day Revolution, a central event in the Ijaw freedom struggle. Like a phoenix rising from the ashes, Isaac Jasper Adaka Boro, an Ijaw freedom fighter, declared the Niger Delta Republic in 1966, igniting a flame that would burn for generations. He is a Nigerian nationalist and military officer. Isaac Adaka Boro was born on September 10, 1938, in Oloibiri, Bayelsa State, to Pepple Boro, a school headmaster. He excelled academically, earning his First School Leaving Certificate with distinction and later passing the West African School Certificate Examination at Hussey College, Warri, in 1957. Boro’s activism began as a student leader at the University of Nigeria, Nsukka, where he championed for the rights of minority groups. Isaac Boro’s 12 day revolution was ignited by ijaw conditions of subalternity and Sisypheannism in Nigeria.
The Ijaw Struggle: A Saga of Subalternity
Ijaws have been subalterns, subjected to the whims of colonial governance to this era of post-colonial governmentality under the control of fellow countrymen. In Greek mythology, Sisyphus was cursed to roll a massive boulder up a steep hill, only for it to roll back down each time he reached the top, forcing him to start anew. This cycle of pushing the boulder up the hill, only to see it roll back down, is a potent symbol of the Ijaw people’s struggles Like a Sisyphean task, we have pushed the boulder of oppression up the mountain, only to see it roll back down, crushing our spirits.. Just like Sisyphus, the Ijaw nation has faced numerous challenges and setbacks in her quest for justice and equality. Despite efforts to push forward, we often find ourselves back at the starting point, with little to show for our struggles. This Sisyphean connection between Ijaw and Sisyphus can be seen in various aspects of the Ijaw struggle, including:
1. Environmental degradation: Despite their efforts to protect their environment, the Ijaw people continue to suffer from oil spills, gas flaring, and other forms of environmental degradation.
2. Marginalization: The Ijaw people have been marginalized and excluded from decision-making processes, despite their significant contributions to Nigeria’s economy.
3. Lack of infrastructure: Despite their efforts to demand better infrastructure, the Ijaw people continue to suffer from poor roads, inadequate healthcare, and lack of access to basic necessities.
4. Violence and militarization: The Ijaw people have faced violence and militarization, with their communities often being the site of conflicts between security forces and militant groups.
I SAAC Boros 12 day revolution is also influenced by preceding phases of ijaw struggle in which Ijaw towns were destroyed along with their vocal voices of liberation in one form or the other. These stages have produced four period set of liberation fighters. From 1895 when King Koko took up arms against the oppressive Royal Niger Company of the British to this era of the struggle; the Ijaws of the Niger Delta have put in 130 years of liberation struggle. The first period of struggle lasted for 45years (1895-1940) the period from Dappa Biriye 1940 to Isaac Boro revolution of 1966 took 26 years. From the Boro revolutionary epoch of 1966 to the era of the Ijaw youth’s declaration of freedom at Kaiama up to this time (2025), the struggle has recorded another 55years.
Today, let us strongly remember the first people who fought for the liberation of the Ijaw nation. They were the traditional rulers and prominent chiefs of the colonial era. The Opobos under king Jaja, the Nembes under King Frederick Williams Ofrimalekeleke Koko, King Ibanchuka of Okrika, the Oborotu of Iduwini under the military command of Taiyan, Ayakoromo under the Ondukus and Agias and Chief Ambakederemo of Kiagbodo. The setting of this period in history is the 19th and 20th centuries. Precisely between the early 1880s to the first four decades of the 20th century. These struggles brought nothing but devastation to Ijaw clans and communities.
Let us also remember educated Ijaw sons, patriots and nationalists Ernest Ikoli, a veteran politician and journalist, Chief Harold Dappa Biriye, Chief F.H.E. Brisibe, OFR, Chief George Albert Weikezi, Harris Ozeke, Prince H E. Odoundiri, Chief Edwin Kiagbodo Clark, , Sam Timinipre Owonaru, Captain Nottingham Dick, His Royal Majesty King Alfred Diete Spiff Pastor power Ziakede Aginighan Professor Christopher Dime, Professor Kimse Okoko, Dr. Amba Ambaowei, Alaowei Broderick Bozimo, Chief DSP Alamieyeseigha, Frank Opigo, Captain George Amangala, Chief Anthony Francis Oladipo Engurube, Barrister Oronto Douglas etc Their approach was characterized by political representation and intellectual persuasion.
Why Isaac Boro declared Niger Delta Republic:
On February 23, 1966, Boro declared the secession of the Niger Delta from the rest of Nigeria, citing neglect and underdevelopment despite being the hub of oil production. He formed the Niger Delta Volunteer Force, composed of young men from various Ijaw clans. The revolution lasted 12 days before federal forces defeated them, and Boro was jailed for treason.
The 12 day revolution was an epic battle against the politics to control the liquid gold economy by the Nigerian political hegemonic philistinic and ethnocentric collaborators. Isaac Boro’s declaration has a separatist spirit, temper and manifesto. This is because it is not a struggle for recognition within Nigeria but a struggle to own and operate a separate independent nation. This present phase of freedom struggle is a further embodiment of the proverbial 12 days Revolution of Boro. The 12 days revolution after all is twelve days in time length but it has countless generational penetration. The revolution that started in 1966 is still on today.
Primarily, the 12 day revolution is about neglect and underdevelopment. Despite being the hub of oil production in Nigeria, the Ijaw area is neglected. This negligence resulted in pathological and wide spread poverty, environmental degradation and lack of basic infrastructure. It was further propelled by resource control, greater control of the resources of Ijaw nation which advocated for a more equitable distribution of revenues derived from the areas natural resources.
The 12 days revolution also highled the struggle for minority and oppressed peoples rights and privileges in Nigeria, seeking greater recognition, representation and liberties. The Revolution is also about expression of political and economic anxieties. The best way to explain this is the awareness of the strong feeling of marginalisation, balkanisation, exclusion and subalternisation. The revolution is also inflamed by Ijaw national sentiment. It was driven by a strong sense of nationalism and a desire for self-determination. He sought to assert the republics autonomy and control over its god given resources.It a struggle based on the vision for Ijaw self-actualisation through the use of arm. Focussing on separatism nationalism. Interestingly, Adaka Boro’s struggle produced Boroism as: A philosophy, ideology, theory, principle, movement, politics, psychology And Literature of Ijaw struggle which has sustained the Ijaw struggle to date. It a revolution based on control of the oil in Ijaw land. ,
Observably, oil, is the why Nigeria is united by disunity and disunited by unity, it is what makes Nigeria great; ironically, it is what disunites Ijaw and her neighbours. It is the reason for the nation’s development and the reason for the underdevelopment of the Niger Delta. It is the reason for the unity of major ethnic nations and the reason for the criminal balkanization of the Ijaws. It is the reason Nigeria is tyrannised by lopsided beauty and judgement, held firmly by titanic and acidic corruption and corrupted pathologically by greedy totalitarianism. It is the reason for many forms of violence – political, ideological, historical, psychological, geographical, and epistemic violence. It is the reason for Ijaw subalternity and ‘Sisypheannism’, the reason for perpetual political domination, economic cannibalism, and what Esiaba Irobi called political attackancy in his seminal drama, and Hangmen also die (Binebai 4).
The Niger Delta which was declared a republic by Isaac Boro is hitherto, a hotbed for major confrontations between its people and the Nigerian military. Its freedom fighters have experienced extrajudicial executions, arbitrary detentions, and brutal violation of rights to freedom of expression, association, and assembly due to protests against the activities of multinational companies and hegemonic subjugation. The scope of this lecture mandates me to reflect also on the gains and pains of the Isaac boro 12 day revolution.
Gains of the 12 days Revolution
It brought about Resource Control Awareness: Boro’s revolution raised awareness about the need for resource control and equitable distribution of oil revenue. Boro’s 12 days revolution inspired future generations, including Ken Saro-Wiwa, P.Z Aginighan DSP Alamieyeseigha. The revolution highlighted also the struggles of minority groups in Nigeria and the need for greater recognition and representation. It contributed to the creation of Rivers state and even Bayelsa State. It gave cultural identity and agency to the ijaw nation. It prepared the way for the emergence of new set of dependable leaders like Tompolo and other Niger Delta activists.
As a researcher, I have sought to capture the essence of Tompolo’s remarkable story, plaiting together historical context, and political analysis to create a distinctive representation of a leader who has defied conventions and redefined the boundaries of possibility. I explored the central instants, judgments, and relationships that have fashioned Tompolo’s trajectory, and to distill the lessons and insights that have made him an iconic symbol in contemporary Nigerian politics.
Pains of the 12 days Revolution
Loss of Life: Boro’s revolution was short-lived, and he was eventually killed in action during the Nigerian Civil War in 1968. Several towns and villages across the ages have been burnt and destroyed and many lives lost.
Despite Boro’s efforts, the Niger Delta region continues to face marginalization, environmental degradation, poverty and unfulfilled Promises: The federal government’s promises of development and resource control remain unfulfilled, fueling ongoing agitation in the region. Let me state clearly that Ijaw is strongly facing 30 problems in Nigeria. Betrayal, Inter-ethnic wars, discrimination, segregation, nepotism, ethnocentrism, sectionalism, Subalternization. Underdevelopment, invisibility, poor leadership, environmental degradation Oil pollution, gas flaring, lack of infrastructure, unemployment, poverty, marginalization, exclusion from decision-making processes, cultural erosion, language endangerment, historical injustices, land grabbing, displacement from ancestral lands, human rights abuses, suppression of self-expression, limited access to education, inadequate healthcare, corruption, institutionalised oppression.
Some of the major Unending Problems of Ijaw Nation are: Political balkanisation- divided into several states for oppression and exploitation, economic subjugation and dislocation- we cannot control our wealth, ecological degradation, post-colonial governmentality- how structures of power regulate and undermine Ijaw growth in Nigeria, Marginalisation- we suffer discrimination, limited access to education, health care, underrepresentation, legal legislative and constitutional tyranny. Subalternisation – social exclusion Invisibility, Lack of voice and agency. These problems are interconnected and have been perpetuated by a complex web of historical, economic, and political factors. Addressing these challenges will require a sustained and collective effort from the Ijaw people, their neighbors, and the Nigerian government.
The Ijaw experience of Sisyphean connection highlights the need for a new approach, one that recognises the futility of the current cycle of struggle and seeks to break free from it. It emphasizes the importance of finding new ways to address the challenges faced by the Ijaw people, rather than simply pushing the same boulder up the hill. By acknowledging the Sisyphean nature of Ijaw struggle, we can begin to explore new strategies and approaches that can help them achieve their goals and break the cycle of futility. As a subaltern tribe, the Ijaw people have been marginalized and excluded from positions of power and influence. Our voices are often silenced or ignored, and our concerns are dismissed as inferior or unimportant. This subaltern status has contributed to our Sisyphean existence, where we are forced to repeatedly push against the weight of oppression, only to see our efforts seemingly undone.
The need for new methods for the Ijaw freedom struggle.
Apart from: – Shift from Armed struggle, armed confrontation to non-violent civil disobedience, broadening the support base by building a more inclusive movement beyond the Ijaw ethnic nationality, efforts towards sustainable development and environmental justice, emphasis on political strategies. Through lobbying and institutional channels, leveraging legal and institutional channels, internationalization of the struggle by seeking support and solidarity from the global community. And embracing religion, the religion of the Ijaw ethnic nationality, I propose Ijaw psychological unity, it will bring strength in numbers, coordinated strategy, shared vision and purpose, resource mobilisation, international support, collective resilience against suppression, bridging differences and presenting a cohesive front.
In the annals of Nigerian history, few events have captured the essence of resistance and defiance as the 12-Day Revolution of Isaac Adaka Boro. This pivotal moment in the Ijaw struggle for self-determination and resource control continues to inspire generations of activists, scholars, and freedom fighters. As we reflect on the gains and pains of this revolution, we are reminded of the enduring power of courage, conviction, and collective action in the face of oppression. By acknowledging Ijaw as a subaltern Sisyphean tribe, we can begin to understand the depth of our struggles and the need for solidarity and support. It emphasizes the importance of listening to our voices, amplifying our concerns, and working towards a more just and equitable society.
The 12-Day Revolution of Isaac Adaka Boro may have been short-lived, but its impact on the Ijaw struggle and Nigerian history is indelible. As we honour the legacy of this courageous leader, we are compelled to continue the fight for justice, equality, and self-determination. May the spirit of Boro’s revolution inspire us to build a more just and equitable society, where the rights and dignity of all people are respected and protected. The revolution may be over, but the struggle continues.
Voice of the Niger Delta, 2021.
By Divine Perezide
Prominent Niger Delta figure and former militant leader, Government Oweizide Ekpemupolo — widely known as Tompolo — has voiced strong optimism that suspended Rivers State Governor, Siminalayi Fubara, will soon reclaim his position.
Speaking during his birthday celebration held on Saturday in the Gbaramatu Kingdom, Warri South-West Local Government Area of Delta State, Tompolo addressed the ongoing political tension in Rivers State and affirmed his belief in Fubara’s return.
Governor Fubara was suspended in March under contentious circumstances, following a directive from President Bola Tinubu. In his place, Ibok-ete Ibas was installed as a sole administrator to oversee the state’s governance for a six-month interim period.
Addressing guests at the event, Tompolo highlighted the unity and determination of the Ijaw Nation, declaring:
“We have only one state, and our focus remains on Bayelsa. If you think power lies solely in being president or governor, and you attempt to undermine Bayelsa, you will face consequences.”
He also expressed the strength and support shared among people of the region, adding:
“One of us is stronger than twenty. Our brother, the governor of Bayelsa State, no matter our political disagreements—will always have our support.”
Turning his attention to Fubara’s situation, Tompolo expressed confidence in a peaceful resolution, saying:
“Even in Rivers State, our son Fubara will return to his rightful place. Dialogue and understanding will prevail.”
Reflecting on the political events that led to Fubara’s rise to office, Tompolo noted that the Ijaw people had been sidelined during that process. He pointed to former Rivers Governor Nyesom Wike’s pivotal role, saying:
“Wike is my friend, but when he chose Fubara, no Ijaw man was involved or consulted. Yet, here we are standing for truth.”
Fubara’s suspension, along with that of other elected officials, emerged from a deepening rift between him and Wike, his predecessor—a feud that continues to influence the political climate in Rivers State.
By Prof. Binebai
Oporoza, Delta State – In the depths of the sacred and ancient Aziza forest, where the voices of the ancestors are said to echo through the trees, and the winds awaken the Pacific tides with their fury, a figure was born—not merely of flesh and blood, but of divine purpose. In times when the waters of the Niger Delta roared with strife and resilience, a name began to rise—a name spoken in both reverence and awe: Government Oweizide Ekpemupolo, known spiritually as Igologolo, Odokorikodo, Ite, Eferekirikpon.
Described by followers and observers as “a mortal vessel of divine purpose,” Ekpemupolo’s story is interwoven with the identity of the Ijaw people and the broader Niger Delta struggle. From a land shaped by both abundance and adversity, his emergence is seen not just as historical, but spiritual—a symbol of the unwavering will of a people who have endured waves of challenge and yet remain standing, proud and unbroken.
“In the heart of the pregnant ancient Aziza forest, where whispers of the gods still linger… a legendary figure emerged from the womb of the land itself,” many recount, evoking the spiritual depth of his origin. To his people, he is not merely a man—he is a force, a bearer of vision, a spirit chiselled from the trials of a restless region.
As the Niger Delta continues to navigate the complexities of development, environmental justice, and self-determination, the legacy of Government Ekpemupolo—fondly known as Tompolo—remains a living testament to the strength and spirit of the Ijaw nation. A mortal, yes—but one whose purpose, many believe, is touched by the divine.
Happy 54th Birthday to the GOC!