Gambari Critiques IMF, World Bank Policies as Ineffective for Nigeria’s Economic Growth

Former Chief of Staff to President Muhammadu Buhari and Nigeria’s former Permanent Representative to the United Nations, Prof. Ibrahim Agboola Gambari, on Tuesday, declared that years of economic prescriptions from the International Monetary Fund (IMF) and the World Bank have failed to transform Nigeria’s economy for the better.

Speaking at the Realnews 12th Anniversary Lecture in Lagos, Gambari stated that if the economic policies of the IMF and World Bank had been effective, Nigerians would be living more prosperously today.

He said, “Frankly speaking, all the prescriptions of the IMF and the World Bank over the years, where has it gotten us? Now that I’m no longer part of government, I can speak more freely.

“It’s time we define our problems and design ways to solve them. If the IMF and World Bank’s prescriptions had been correct, we should be living happily today—but we are not. To make matters worse, the world itself is changing, and the international community is evolving; global relationships and norms are shifting.”

Gambari reflected on his tenure as Minister of Foreign Affairs (1983-1985), when the Nigerian military government rejected IMF and World Bank prescriptions.

He recalled, “Even then, 40 years ago, we felt it was time for Africans to define their problems and develop their own institutions.”

In his lecture titled, “Africa in a Shifting Global Landscape: Demography, Technology, Artificial Intelligence, and Natural Resources,” Gambari emphasised the importance of strengthening African institutions such as the African Union (AU), the Economic Community of West African States (ECOWAS), and the African Development Bank (AfDB).

He added, “The changes unfolding globally promise profound transformations in the workings of the international system. Nations—big and small, North and South—are preparing themselves to ensure they are not left behind or reduced to victims of the new world order.”

Gambari highlighted the increasing influence of new digital technologies and artificial intelligence, noting  that several powers are vying for strategic military bases across Africa. 

He explained, “The entire seaboard of Africa is already dotted with military bases operated by various powers.

“The continent is once again at the centre of a new scramble, as the geopolitical rivalry intensifies. In addition to geo-strategic considerations, there is also a strong interest in securing access to critical minerals, arable land, and forests.”

He further stated, “Investments are also being made to build stable political alliances with African governments. The age of zero-sum geopolitics is back, bringing destabilising consequences for many African countries.”

Gambari stressed that Africa’s growing population—over a billion people, with a youthful demographic—positions the continent for a significant role in global demographics at a time when many other regions are experiencing population decline and rapid aging.

He emphasised that African nations must develop national and regional strategies to leverage the energy, innovation, and vision of their young people. 

“In this new global order, Africa must ensure it is not just a passive player but an active rule-maker,” he said.

Earlier in the event, the Publisher/Editor of Realnews, Maureen Chigbo, welcomed attendees and outlined the magazine’s commitment to investigative journalism aimed at building a strong, vibrant society.

“For the past 12 years, Realnews has remained faithful to its vision of providing investigative, robust, and excellent journalism. We have covered sectors such as politics, oil and gas, business, economy, women, youth, and the environment,” she stated.

Other notable speakers included Ms. Beatrice Eyong, Country Representative of UN Women; Dr. Karim El Aynaoul, Executive President of the Policy Centre for the New South, Rabat, Morocco; and Mrs. Hadiza Bala Usman, Special Adviser to President Tinubu on Policy and Coordination.

Wale Igbintade

Follow us on: