Prof Akpan Ekpo says World Bank, IMF praise Tinubu’s reforms for policy alignment, but notes weak structural impact

Renowned economist, Professor Akpan Ekpo, has explained why the World Bank and the International Monetary Fund (IMF) have continued to commend the economic reforms of President Bola Tinubu.

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Speaking during an interview on Arise Television on Thursday, Ekpo said the praise was expected because Tinubu’s policies align closely with the reform frameworks traditionally promoted by the World Bank and IMF.

According to him, the reforms introduced by the Tinubu administration reflect the standard policy package advocated by the two Bretton Woods institutions.

“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,” Ekpo said.

He, however, cautioned that such reforms should not be expected to bring rapid or structural transformation to Nigeria’s economy.

Ekpo argued that there is no record of any developing country achieving fast-tracked growth or deep economic restructuring solely through IMF or World Bank-driven reforms.

“There’s no developing country that has embarked on these types of reforms and fast-tracked growth and development,” he said.

DAILY POST recalls that shortly after assuming office on May 29, 2023, President Tinubu removed fuel subsidy and allowed the naira to float, key policy steps that drew international support but sparked widespread debate locally.

Ekpo noted that nearly three years into the reform process, Nigeria’s economic structure has not changed significantly.

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“Even in the context of the rebased GDP and CPI, the structure of the economy has not changed, not even marginally,” he stated.