An economist, Prof. Akpan Ekpo, has offered insights into why the World Bank and the International Monetary Fund (IMF) have publicly commended President Bola Tinubu’s economic reforms, while cautioning that the measures have yet to bring structural transformation to Nigeria’s economy.
Speaking in an interview on Arise Television on Thursday, Prof. Ekpo said the reforms implemented since President Tinubu assumed office on May 29, 2023—including the removal of fuel subsidies and the adoption of a floating exchange rate—closely mirror the policy frameworks championed by international financial institutions.
“The World Bank and IMF’s praise for President Tinubu’s reforms in Nigeria isn’t surprising because these reforms reflect the package or elements of the World Bank and IMF’s reform characteristics,” he said.
However, the economist stressed that while the reforms align with global financial orthodoxy, they do not automatically restructure the economy.
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“Even after almost three years of implementing these reforms, the structure of Nigeria’s economy has not changed, even marginally,” Prof. Ekpo noted.
He further pointed out that there is no historical precedent of a developing country rapidly achieving structural growth through IMF- or World Bank-style reforms alone.
“Developing countries may adopt these measures, but fast-tracked structural transformation is rarely achieved simply through policy prescriptions from international financial institutions,” he said.
Prof. Ekpo also referenced economic indicators such as GDP and the consumer price index, highlighting that the broader economic structure remains largely unaltered, despite the policy shifts.
Observers say his comments underscore a growing recognition that while Nigeria’s economic reforms may win praise internationally, achieving deep, structural change will require broader domestic strategies, beyond the adoption of externally recommended policies.