Former Chief of Staff to President Muhammadu Buhari and ex-Nigerian Permanent Representative to the United Nations, Prof. Ibrahim Agboola Gambari, has delivered a scathing critique of decades-long economic prescriptions from the International Monetary Fund (IMF) and the World Bank.
Speaking at the Realnews 12th Anniversary Lecture in Lagos, Gambari asserted that the policies championed by these global financial institutions have failed to improve Nigeria’s economic fortunes, urging African nations to embrace homegrown solutions.
Prof. Gambari did not mince words in questioning the efficacy of IMF and World Bank recommendations. Reflecting on Nigeria’s prolonged economic struggles despite adherence to external prescriptions, 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. If the IMF and World Bank’s prescriptions had been correct, we should be living happily today—but we are not.”
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Gambari, who served as Nigeria’s Minister of Foreign Affairs between 1983 and 1985 during a military regime, recalled rejecting IMF and World Bank policies at that time. He emphasized the need for Africa to define its own problems and implement solutions tailored to its realities.
“Even then, 40 years ago, we felt it was time for Africans to define their problems and develop their own institutions,” he said.
Africa at a Crossroads in a Changing Global Order
Delivering his lecture, titled “Africa in a Shifting Global Landscape: Demography, Technology, Artificial Intelligence, and Natural Resources,” Gambari painted a stark picture of Africa’s precarious position in an evolving world. He observed that global geopolitical rivalries are intensifying, placing the continent at the center of a new scramble for influence, resources, and strategic alliances.
“The entire seaboard of Africa is already dotted with military bases operated by various powers. The continent is once again at the center of a new scramble, as 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 said.
According to Gambari, Africa’s youthful and rapidly growing population—now exceeding one billion—offers immense potential, especially as other regions grapple with aging populations and declining demographics. However, this demographic advantage must be harnessed strategically to avoid being exploited.
He said: “In this new global order, Africa must ensure it is not just a passive player but an active rule-maker.”
Embracing Technology and Strengthening African Institutions
Gambari stressed the transformative role of artificial intelligence (AI), digital technologies, and innovation in shaping the future. He noted that African nations must develop robust national and regional strategies to harness these changes.
Additionally, he emphasized 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) to address continental challenges.
According to him, “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.”
Mounting Criticism of IMF and World Bank Policies
Gambari’s remarks add to the growing chorus of voices opposing IMF and World Bank-led economic reforms in Nigeria. Human rights lawyer Femi Falana and the Nigeria Labour Congress (NLC) have similarly urged the federal government to abandon policies dictated by these institutions. Falana has gone a step further, advocating for Nigeria to align with the BRICS bloc—a group of emerging economies seeking to challenge the dominance of Western financial systems.
Despite decades of IMF-guided structural adjustment programs and fiscal reforms, Nigeria’s economy remains burdened by inflation, unemployment, and slow growth. It has been noted that these policies often prioritize austerity and debt servicing over development and poverty alleviation.
President Bola Tinubu’s administration has embarked on sweeping economic reforms, including subsidy removal, tax increases, and currency unification—measures often aligned with IMF recommendations. However, these reforms have plunged Nigeria into deeper economic hardship, compounding inflation and eroding purchasing power.
The IMF’s latest outlook for sub-Saharan Africa highlights Nigeria’s struggles, noting that the country remains among those failing to achieve desired outcomes despite reforms. While the report praised fiscal improvements in Cote d’Ivoire, Ghana, and Zambia, Nigeria’s performance was conspicuously absent.
“Inflation is still in double digits in almost one-third of countries, including Angola, Ethiopia, and Nigeria,” said Catherine Patillo, IMF Deputy Director.
The report also observed that Nigeria’s monetary policy lacks the anchoring needed to stabilize inflation, further compounding economic challenges.
A Call for Homegrown Solutions
Prof. Gambari’s call for self-reliance and innovation is particularly timely as Nigeria grapples with worsening economic realities. He urged policymakers to invest in the country’s human and natural resources rather than relying on external prescriptions that have consistently failed to deliver.
“It’s time we define our problems and design ways to solve them,” Gambari said, reiterating the need for a shift in approach.
Gambari’s message resonates with the aspirations of many African leaders and thinkers who envision a continent capable of charting its own destiny. Strengthening regional institutions, leveraging technology, and empowering Africa’s youth have been central to the vision for a more prosperous and self-reliant Africa.
However, experts note that the challenge to Africa’s prosperity remains whether its leaders can muster the political will and strategic foresight to reject outdated paradigms and embrace solutions that truly serve their people.