World Bank sees 15-year struggle ahead for Nigeria, says Shehu Sani

Former Kaduna Central Senator Shehu Sani has strongly criticised the World Bank, accusing it of complicity in Nigeria’s prolonged economic hardship.

In a post on social media platform X (formerly Twitter), Sani claimed that the World Bank envisions another 15 years of hardship for Nigerians before the country can reach what he described as the “promised land.”

Sani’s remark comes in response to the World Bank’s latest Africa’s Pulse report, which flagged the Nigerian Naira as one of the worst-performing currencies in Sub-Saharan Africa.

According to the report, the Naira’s depreciation is on par with that of the Ethiopian Birr and the South Sudanese Pound, reflecting steep declines in value over recent months.

“The World Bank wants the hardship to extend to the next fifteen years before we can reach the promised land,” Sani posted. “I don’t know how many people will be remaining at that time to enjoy the fruits of the WB in its promised land.”

The former lawmaker also questioned the World Bank’s track record in Africa, asking, “How many African countries have the World Bank taken to the promised land?”

The World Bank report attributed the Naira’s fall—about 43 percent by August 2024—to sustained demand for dollars and limited dollar inflows, further destabilising Nigeria’s currency.

This economic strain has compounded difficulties for millions of Nigerians, who are already grappling with high inflation and rising living costs.

Sani’s remarks underscore growing public discontent and raise questions about the efficacy of international financial institutions in addressing Africa’s economic challenges.