The former Permanent Representative of Nigeria to the United Nations and Chief of Staff to President Muhammadu Buhari, said on Tuesday that years of World Bank and International Monetary Fund economic recommendations have not succeeded in improving Nigeria’s economy.
Gambari said that Nigerians would be living in more prosperity now if the IMF and World Bank’s economic policies had been successful during his speech at the Realnews 12th Anniversary Lecture in Lagos.
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.
“It’s time we define our problems and design ways to solve them. If the IMF and World Bank’s prescriptions had been correct, we should be living happily today—but we are not. To make matters worse, the world itself is changing, and the international community is evolving; global relationships and norms are shifting.”
Gambari considered his time as Foreign Affairs Minister (1983–1985), during which the Nigerian military regime disregarded recommendations from the World Bank and the IMF.
He recalled, “Even then, 40 years ago, we felt it was time for Africans to define their problems and develop their own institutions.”
In his lecture titled, “Africa in a Shifting Global Landscape: Demography, Technology, Artificial Intelligence, and Natural Resources,” Gambari emphasised 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).
“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,” he added.
Gambari emphasized how artificial intelligence and other digital technologies are becoming more and more significant, pointing out that multiple nations are fighting over key military installations throughout Africa.
He expounded, “The entire seaboard of Africa is already dotted with military bases operated by various powers.
“The continent is once again at the centre of a new scramble, as the 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.”
“Investments are also being made to build stable political alliances with African governments. The age of zero-sum geopolitics is back, bringing destabilising consequences for many African countries,” he further stated.
Earlier in the event, the Publisher/Editor of Realnews, Maureen Chigbo, gave a warm welcome to guests and described the magazine’s dedication to investigative reporting with the goal of creating a robust, dynamic society.
“For the past 12 years, Realnews has remained faithful to its vision of providing investigative, robust, and excellent journalism. We have covered sectors such as politics, oil and gas, business, economy, women, youth, and the environment,” she stated.
