COMMENTARY
“Why IMF, World Bank Applaud Tinubu’s Reforms” — Economist, Akpan Ekpo Explains, Says Policies Mirror Bretton Woods Template But Lack Structural Transformation
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 economic reforms, stating that the policies largely align with the long-established reform framework promoted by the two Bretton Woods institutions.
Speaking during an interview on Arise Television on Thursday, Ekpo explained that the current reform agenda of the Tinubu administration reflects the core elements and philosophy of the World Bank and IMF’s reform characteristics, which typically emphasise market liberalisation, subsidy removal, and currency deregulation.
According to him, while the reforms may appeal to international financial institutions, Nigerians should not expect them to automatically deliver deep, structural transformation of the economy.
Recall that shortly after President Bola Tinubu assumed office on May 29, 2023, his administration announced the removal of fuel subsidy and the floating of the naira, two policy decisions widely described as bold and far-reaching.
Since then, both the World Bank and IMF have publicly commended the government, describing the steps as necessary and courageous measures aimed at restoring macroeconomic stability.
However, Prof. Ekpo cautioned that such praise should be understood within the context of institutional alignment rather than proven development outcomes.
“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.
He further argued that historical evidence does not support the claim that adopting IMF and World Bank-style reforms automatically leads to rapid growth or sustainable development in developing economies.
“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.
Ekpo’s comments add to the growing national debate over the impact of the Tinubu administration’s economic policies, particularly as Nigerians continue to grapple with rising inflation, high cost of living, currency volatility, and declining purchasing power.
While government officials maintain that the reforms are laying the foundation for long-term prosperity, critics insist that without deliberate industrialisation, productivity-driven growth, and structural re-engineering, the economy may remain fundamentally unchanged despite policy adjustments.
The economist’s intervention suggests that alignment with global financial institutions alone is not enough, and that Nigeria must design and implement home-grown strategies capable of transforming the productive base of the economy and delivering tangible improvements in living standards.