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
Your Excellency,
SUBJECT: Strategic Proposal to Leverage Dangote’s Bayelsa Visit and Unlock Delta’s Coastal Industrial Corridor
Warm greetings to Your Excellency and continued appreciation for your stewardship over the affairs of Delta State.
I write to you with a sense of strateg urgency and patriotic commitment, in light of Alhaji Aliko Dangote’s recent visit to Bayelsa State, which has reunited national attention toward private-sector-led industrial development in the Niger Delta. As commendable as that engagement is, Delta State holds even more viable, strategic, and economically advantageous alternatives that demand immediate prioritisation and promotion.⁸
Deltas Host to Tree of the Many Oil Terminals in Nigeria
Delta State is host to Escravos Oil Terminal, Forcados Oil Terminal, and the Agbami Floating Production, Storage, and Offloading offshore facility (FPSO). This and many more makes Delta the highest Oil Producing State in Nigeria today. It is our firm belief that the Delta State Government can approach the Dangote Group or any other local or international oil and gas consortium to build mega/Modular Oil Refineries incorporated with power plats near these export terminals, construct a railway and dual carrage highway, and power transmission networks from the incorporated power plants to Warri city. This way, constant oil supply to the Refineries is guaranteed, constant power supply is guaranteed, constant supply of Petroleum products is guaranteed, and the issue of motorable road infrastructure from the city centre to the creeks/coastal coastal communities of the Niger Delta creeks is resolved. More than that, road access makes it more efficient for securing the oil-rich swampy terrain of Delta State.
Delta Coast Corridor: A Hidden Goldmine
Communities such as Pepper-Ama/Oporoza in Gbaramatu Kingdom, and Youbebe/Ogulagha in Ogulagha Kingdom, and Forcados/Beniboye in Iduwini Kingdom, located along the Coastline of Warri-Southwest Local Government Area and Burutu Local Government Area respectively, offer a rare confluence of economic advantages that make them ideal for:
a. A modular or full scale Crude Oil Refinery or petrochemical plant
b. A deep water Offloading depot and marine Terminal
c. A seaport connected to international shipplanes
d. A motorable road and rail linking the creeks to Warri city, the East-West road, and beyond
Unlike some other locations in the region, these areas are resources-rich, geostrategically positioned, relatively peaceful, and welcoming to industrial development.
Why Delta State MustAct Now
You Excellency, Delta must not be a spectator in the race to attract transformative investments. With Dangote, Ibeto, etc, and/or other industrial giants exploring new Refinery locations, the time is ripe for Delta State to present a unified, attractive, and superior proposition.
Here’s why this corridor stands out:
1. Superior Geographic Advantage
Pepper-ama, Ogulagha, Youbebeb, Forcados, and Beniboye lies along navigable coastal waters with direct access to the Atlantic Ocean, making them ideal for a deep-sea port and marine logistics hub that can serve the South-South, South-East, North-Central, and North-East regions.
2. Proximity to Existing Oil and Gas Fields/Installations
These communities are surrounded by operational oil and gas assets, iwned by major IOCs and national companies. A Refinery or depot sited here would reduce reliance on Lagos ports, minimizes inland transportation cost and problems that often lead to massive traffic jam due to influx of big Petroleum tankers sharing Limited road facilities with other users, by decentralizing fuel distribution.
3. Untapped Blue Economy Potential
With maritime infrastructure, these coastal areas can become hubs for logistics, ship repairs, offshore support services, and even export-based industrial and agricultural processing zones.
4. Community Willingness and Land Availability
The people Gbaramatu Ogulagha and Iduwini Kingdoms have consistently demonstrated hospitality towards industry, making land and support available-if development is inclusive, environmentally sounds, and consutative.
Key infrastructure Priority: An All-Se Road Network
To fully unlock this region’s economic value, the construction of a durable, all-season motorable road from the creeks to Warri and onward to other urban centres is non-negotiable.
This road will ensure seamless distribution of Petroleum products from future reginry/Offloading depots.
It will integrate these coastal communities into the broader Delta economy and reduce travel times and transport costs.
With federal alignment, it could feed into the East-West road, facilitating cargo movement to the South-East, North-Central, and North-East geopolitical regions.
Recommendations for Strategic Actions
1. Host a Coastal Investment Summit in Warri
Invite key investors, including Aliko Dangote, BUA, NNPC Ltd., Waltersmith, Renaissance, Transcorp Group, etc., and other global operators.
Showcase Delta’s Coastal Corridor as a viable industrial zone ready for investment.
2. Commission a Joint Feasibility Study
Assess Pepper-ama, Youbebe, Ogulagha, Forcados, and Beniboye communities for a Refinery, Offloading depot, and seaport.
Include road infrastructure needs and environmental safeguards.
3. Establish a Delta Coastal Development Authority (DCDA) or use the Delta State Ministry of Riverine Communities Development
Tasked with coordinating infrastructure planning, PPP engagement, and land/community integration.
4. Lobby Federal Government, NNPC, and other critical stakeholders
Secure destination of the area as a strategic industrial development zone.
Explore subsidy, tax, and logistics waivers to incentive private-sector eng.
Conclusively, let Delta take the lead
Your Excellency, it is time for Delta to reclaim its historic leadership as the industrial and economic heartbeat of the Niger Delta. By proactively showcasing our superiors’ sites and unlocking our creek-to-hinterland logistics corridor, we can attract investment that will create jobs, build infrastructure, and catalyze long-term prosour people.
Let us not watch others harvest the fruit of opportunities planted better our own terrain.
We look forward to bold leadership and swift action.
Yours in service and development,
Peretengboro Bibaikefie
Thanks you
Editorial
A-Z on How AI Can Help You Design Your Future; Hear Ngozi’s Story from Technology to Transformation
From the Editor’s Desk – IduwiniVoice
In an age where artificial intelligence is reshaping industries and disrupting traditional careers, Award-winning entrepreneur Ngozi Elobuike is proving that living your dream life is more possible than ever before. And she’s not just talking about it-she’s living it.
Once sleeping on her sister’s couch, Elobuike has since transformed her lowest point into a global, AI-powered life of purpose and creativity. Now splitting her time between the U.S., Ireland, France, she’s built a life that reflects both ambition and intention. From founding Ireland’s first black-led wine club and launching two luxury beverage brands to publishing an AI-powered travel book and teaching over 500 creatives how to use AI to unlock their potential, Elobuike’s story is a living blueprint for the modern dreamers.
“Most people stay stuck in lives they don’t love because they think transformation takes years,” Elobuike said in her recent TEDx talk, which has generated over 200,000 views. “They believe dreams lives belongs to other people-the lucky ones.”
For Elobuike, AI is more than just a tool-it’s a catalyst for reinvention. She sold her social media agency in 2021 and used AI to build her next business, handing off repetitive tasks to technology so she could focus on the things that matter: writing for Forbes, competing in powerlifting and living as a digital nomad across 35 cities.
“Your dream life is closer than you think with AI as your partner,” she said.
At the heart of her philosophy is the belief that life is a laboratory.
“What does a scientist do? They think about life as an experiment,” Elobuike explains. “You have dependent variables and you have independent variables. You have things that you can control in your settings.”
To her, AI is the Independent variable that “has the ability to act as an enzyme. It lowers the activation energy needed to complete a task.”
Identify what drains you, and delegate repetitive tasks to AI. Tools like Claude for writing, Zapier for automation, and Perplexity for research can reclaim hours of your day and give you space to create.
One of her most innovative ideas? Creating an AI advisory board-a team of specialized AI personas to advise on business, creativity, and personal growth.
“Instead of asking your friend who may be a naysayer, ‘hey, I’m thinking about starting this new idea venture, ‘ consider asking AI,” she suggests. “Prompt ChatGPT and say I have an idea for X. Give me advise as if you were Oprah.”
Elobuike also urges people to test their ideas with small, smart experiments.
“You don’t need to quit your job tomorrow, Want to write? Use AI to pushing one article. Want to Launch a wine? Don’t start with the wine-start with a product mockup and gauge your audience’s reaction.”
While many remain sceptical-only 32% of adults believe AI will benefit them, with scepticism highest amongst women and older adults-Elobuike sees a window of opportunity.
“While others debate whether AI is good or bad, you can be building,” she advises. “That hesitation is head start.”
The real magic, she says, comes from a mindset of continuous improvement.
“Growth hacking is what startup entrepreneurs created as a term back in 2010. What is growth hacking? Imagine if you got 1% better every day, but 10% better every day.”
Her advice is clear: Stop playing with AI like a toy. Start using it as a system. Use it to build, scale, and magnify things that make you uniquely you.
In a word still catching up to the power of artificial intelligence, Ngozi Elobuike is already living in the future-and showed the rest of us how to get there. Let Elobuike’s story fire your marrows and power your dreams today.
Editorial
Taming the Swampy Creeks, Bridging the Future: Bayelsa’s Nembe-Brass Coastal Road Begins to Take Shape
IduwiniVoice
The long-anticipated Nembe-Brass Road project, a monumental infrastructure initiative in Bayelsa State, is making steady headway as construction advances into its second phase, with the second major bridge now rising from the creeks, Arogbo-IbeVoice Newspaper reported.
Launched in June 2022, the 21-kilometre Nembe-Brass Road is designed to link the historically isolated Brass Island to Nembe and ultimately to the mainland, opening a new corridor of access and opportunity for the people of Bayelsa East Senatorial District.
New images emerging from the site offer compelling evidence of the ongoing work. Concrete pillars for the second bridge now tower above the swamplands, while heavy machinery continues the arduous task of road expansion through the difficult terrain.
Describing the pace of the project, a site engineer who spoke under anonymity noted: “We are tackling one of the most technically challenging sections now, and the progress is remarkable given the terrain. The second bridge is a critical component, and once it’s complete, we can begin surfacing the next stretch of the road.”
The road, when completed, will not only facilitate easier movement between Brass and Nembe but also serve as a strategic link to the Atlantic coastline — vital for trade, tourism, and security. Locals have long expressed hopes that the project would transform the economic and social landscape of the region.
Speaking at a recent inspection tour, Bayelsa State Governor Douye Diri reaffirmed his administration’s commitment to delivering the project: “We are determined to see this road completed. It is not just a road; it is a lifeline for our people, an artery of development that has been long overdue.”
Many community leaders and stakeholders have praised the government’s persistence in driving the project despite fiscal and environmental constraints. Chief Ebikesei Ben-Wills, a traditional leader in Brass, remarked: “This is not just concrete and gravel — this is our future taking shape before our eyes.”
As the second bridge nears completion and more sections of the road take form, optimism grows that Bayelsa’s coastal communities may finally be lifted from decades of isolation.
The Nembe-Brass Road is more than infrastructure; it is a symbol of long-awaited inclusion, bridging the gap between forgotten communities and a modern, connected Bayelsa.