Remember that in order for Nigeria to become a major economic force in sub-Saharan Africa and beyond, the Bank underlined that the country must maintain its economic reforms over the next ten to fifteen years.

Afenifere, a Yoruba socio-cultural group, has cautioned the Bola Tinubu-led Nigerian government against the World Bank’s advise about the nation’s economic reforms, citing the latter’s detrimental effects on Nigerians.

Its National Publicity Secretary, Jare Ajayi, in Ibadan, the capital of Oyo State, released a statement on Saturday in which Afenifere voiced reservations with the World Bank’s guidance, namely the bank’s most recent suggestion to cut back on government assistance for social services in Nigeria.

Afenifere issued a warning in the statement, pointing out that the present administration led by President Tinubu would have ended its term by the time the reforms’ possible advantages were apparent.

The group emphasised the possibility that subsequent leaders would be credited for any advancements made during his rule, but the sacrifices and sufferings of the populace would remain his only legacy.

They promoted steps to reduce reliance on imports and policies that support small companies in the area.

Ajayi brought out the fact that many nations who adhered to the same World Bank and IMF recommendations had unfavourable results.

He cited countries that suffered after following similar circumstances, including the Democratic Republic of the Congo, Ghana, Thailand, South Korea, Mexico, and Mozambique.

With Prime Minister Mahathir Mohammed arguing that the requirements would impede economic progress, raise unemployment, and negatively impact the welfare of residents, Malaysia, on the other hand, chose not to implement comparable suggestions.

Afenifere commended Tinubu for his initiatives to lower red tape, increase production, improve agriculture, and encourage entrepreneurship.

They did, however, emphasise that the present socioeconomic environment—which is marked by growing energy prices that have an impact on security and health—makes it impossible to accomplish the targets.

According to the group, rising fuel, power, and petrol prices are pushing many enterprises to the breaking point and are a major factor in the rise in unemployment and instability.

The organisation demanded locally created laws that would support homegrown companies, encourage innovation, and lessen dependency on imports.