Jega cautions government not to accept all IMF recommendations blindly.

Former Chairman of the Independent National Electoral Commission (INEC), Prof. Attahiru Jega, recently cautioned Nigeria about overly relying on the advice from Bretton Woods institutions, particularly the World Bank and the International Monetary Fund (IMF). ...(CONTINUE READING)

While he acknowledged that engagement with these organizations can be beneficial, he emphasized the importance of exercising caution to avoid long-term negative impacts on the country.During his address at the 2024 Annual Directors’ Conference, themed “Good Governance as a Catalyst for Economic Recovery, Growth and Development,” organized by the Chartered Institute of Directors of Nigeria (CIoD), Jega urged for reform in how leaders are selected. He noted that Nigeria’s primary issue is the lack of preparedness among its leaders for effective governance.

Reports indicate that the Bretton Woods institutions have been accused of influencing President Bola Tinubu’s economic policies, particularly the removal of fuel subsidies and the floating of the naira, which have contributed to rising inflation. However, Abebe Selassie, the IMF’s African Region Director, clarified that the decision to remove the fuel subsidy was made by the President himself, and the IMF’s role is mainly to facilitate regular dialogue with member countries.

At the CIoD conference, Jega stressed the importance of focusing on nurturing democratic governance rather than merely adhering to the concept of good governance promoted by the World Bank. He believes that this focus is essential for putting Nigeria on a sustainable path toward development that truly serves the people.

While acknowledging the value of engaging with the World Bank and similar organizations, Jega cautioned that Nigeria should critically evaluate their recommendations. He warned that blindly following their advice could lead to more significant medium- and long-term issues, even if there are perceived short-term benefits.

Alhaji Tijjani Borodo, President and Chairman of the CIoD, stated that the institute plays a key role in advancing corporate governance in Nigeria. He highlighted the organization’s mission to enhance the skills of directors and business leaders across various sectors, enabling them to contribute meaningfully to their organizations and society.

Mr. Mutiu Sunmonu, the event’s chairman, emphasized that character is fundamental to good governance and corporate practices. He argued that without strong character, rules and compliance will ultimately fail, underscoring the importance of parental influence in instilling good values in children.