Former Chairman of the Independent National Electoral Commission (INEC), Professor Attahiru Jega, advised the Nigerian government on Wednesday to be wary of implementing every recommendation from global financial institutions, specifically the International Monetary Fund (IMF) and the World Bank. Speaking at the 2024 Annual Directors’ Conference organized by the Chartered Institute of Directors of Nigeria (CIoD), Jega emphasized the importance of a cautious approach to avoid long-term issues.
During his lecture, themed “Good Governance as a Catalyst for Economic Recovery, Growth, and Development,” Jega highlighted the importance of selective engagement with these institutions. “While it is beneficial to consult them, we must avoid adopting their advice wholesale, as it may lead to serious long-term consequences,” he stated.
Jega’s remarks come amid ongoing scrutiny over the economic reforms implemented by President Bola Tinubu’s administration, particularly the removal of fuel subsidies and the floating of the naira. Both actions have contributed to inflationary pressures on Nigeria’s economy, sparking debate about the role of the IMF and World Bank in advising these policies.
Addressing recent speculation, IMF African Region Director Abebe Selassie clarified during the IMF and World Bank Annual Meetings in Washington, D.C., that the IMF did not specifically advise Nigeria on removing the fuel subsidy. Selassie explained, “The decision was a domestic one made by President Tinubu. We maintain a regular dialogue with Nigeria, as we do with other countries, but have no formal programs in place.”
Jega further urged Nigerians to focus on strengthening democratic governance as a path to sustainable growth, rather than solely adhering to the “good governance” initiatives promoted by the World Bank. He argued that “People-oriented development processes” are essential for Nigeria’s long-term stability and growth. “We must be very careful with any measures suggested by international financial bodies,” Jega warned, “as the short-term benefits they offer can lead to greater issues in the future.”
Alhaji Tijjani Borodo, President and Chairman of the Council of CIoD, also addressed the conference, underscoring the institute’s commitment to advancing corporate governance across Nigeria. He noted, “Our mission is to enhance the skills of directors in both public and private sectors, empowering them to contribute meaningfully to their organizations and the nation.”
Chairman of the occasion, Mr. Mutiu Sunmonu, echoed the importance of integrity, saying, “Character is the bedrock of good governance. Without the right character, even the best rules and regulations will fail.” Sunmonu added that cultivating character should start in the home, urging parents to instill values that support good governance from an early age.
The CIoD conference continues to serve as a platform for promoting ethical leadership and sound governance principles in Nigeria’s corporate landscape, reinforcing the importance of integrity and prudence in both policy-making and corporate practices.
