An economist, Prof Akpan Ekpo, has revealed the real reason why the World Bank and the International Monetary Fund, IMF, are praising President Bola Tinubu’s reforms.
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 added that the World Bank and the IMF should not expect Tinubu’s reforms to transform Nigeria’s economy structurally.
DAILY POST recalls that following the coming on board of the president on May 29, 2023, subsidy was removed and the naira floated.
“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.
