How World Bank Stems As A Threat To Our Economy – NLC

Nigeria Labour Congress (NLC) has implored the Federal Government to turn deaf ears to World Bank’s call to increase the pump price of petrol to N750 a liter.

According to NLC, the World Bank’s call “is an advice laden with mischief and intended to destabilize not only the nation’s economy but also Nigeria’s long term development plans.”

NLC in a statement by its President, Joe Ajaero, titled World Bank’s N750 a liter for Premium Motor Spirit is a threat to Nigeria’s economy, “arguing that “The difficulties and suffering created by the last hike in the price of PMS which was a product of the advice of the World Bank and its sister institution; the International Monetary Fund, IMF, are still ravaging the nation.

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The statement reads in part “Nigeria Labour Congress, NLC, strongly condemns World Bank’s call for increased Petrol Price to N750 a liter in the guise of withdrawal of a non-existent subsidy which the President told the whole country during his May 29, 2023 inaugural speech that “subsidy is gone” “We vehemently reject the recent advice by the World Bank urging the Nigerian government to increase petrol prices to N750 per litre.

The World Bank’s lead economist for Nigeria, Alex Sienaert, corroborated this unwarranted recommendation during a presentation in Abuja, reinforcing the need for the government to abandon its commitment to the people and embrace policies that only servehe interests of foreign entities.

“It is an advice laden with mischief and intended to destabilize not only the nation’s economy but also Nigeria’s long term development plans.

It further demonstrates to doubting Thomases that the Bretton Wood institutions who are the arrowheads of the neoliberal school are not pro-poor but steeped in predatory policies that beggar the poor so that the rich will become richer.

“It is truly a shame that the World Bank has really shown itself to be an enemy of the Nigerian nation.

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Its continued grandstanding and generation on anti-poor policies and programmes have destabilized many countries of the South especially nations within the sub-Saharan region.

“The difficulties and suffering created by the last hike in the price of PMS which was a product of the advice of the World Bank and its sister institution; the IMF are still ravaging the nation destroying in its wake the nation’s industrial base and domestic manufacturing capacity which favours Western metropoles.

“We remind the government that Nigeria should not allow foreign entities like the World Bank and the IMF to dictate economic policies that are detrimental to the welfare of its citizens.

It is imperative that our leaders look inwards, tapping into the vast resources and human potential within our nation to address challenges and formulate policies that genuinely uplift the standard of living for all Nigerians.