society
From Wealth to Chains: How the World Bank and IMF Drowned Nigeria and Africa in Debt
From Wealth to Chains: How the World Bank and IMF Drowned Nigeria and Africa in Debt
By George Omagbemi Sylvester
For Sahara Weekly Nigeria | www.saharaweeklyng.com
In the 1970s, the Nigerian Naira was worth more than the U.S. dollar and British pound. A dollar exchanged for 70 kobo. One Naira fetched £1.10. Our roads were tarred, our universities ranked among the best in the world and our economy was booming with oil money, agricultural exports and a burgeoning middle class. Nigeria was not just the “Giant of Africa” in name; we were a respected economic force.
But today, in 2025, we are caught in a web of poverty, debt and dependency. Our once-mighty Naira now exchanges for over ₦1,400 to $1. More than 133 million Nigerians live in multidimensional poverty. Basic infrastructure has collapsed. How did we fall so far? What went wrong?
The Rise Before the Fall
Nigeria’s economic boom in the 1970s was driven by two key forces: oil and agriculture. We were the world’s largest exporter of palm oil, groundnuts and cocoa. The oil embargo of 1973 tripled global crude prices and flooded Nigeria with petrodollars. Between 1970 and 1979, the country earned over $40 billion from crude oil. Our external debt was almost nonexistent. The Naira was strong and respected.
Then the oil bubble burst.
The global oil crash of the early 1980s hit Nigeria hard. Foreign reserves dried up. Corrupt leadership, wasteful spending and weak institutions magnified the crisis. Seeking salvation, Nigeria turned to the International Monetary Fund (IMF) and World Bank, a fateful decision that would enslave us for generations.
Enter the Debt Trap
The Western financial institutions dangled loans before desperate African leaders like poisoned carrots. Nigeria accepted them and with those loans came deadly conditions known as Structural Adjustment Programmes (SAPs) a neoliberal model that destroyed Africa’s economies and social fabric.
SAPs forced countries like Nigeria to:
Devalue their currency, making imports more expensive and reducing the purchasing power of citizens.
Remove subsidies on fuel, healthcare and education.
Deregulate and privatize public assets, handing critical sectors to foreign corporations.
Open markets to foreign goods, killing local industries and jobs.
Between 1980 and 1990, Nigeria’s external debt ballooned from $3 billion to over $30 billion. We borrowed to repay interest on previous loans. The IMF’s “solutions” proved catastrophic. In less than a decade, the Naira collapsed. Nigeria’s economy became externally controlled. Poverty exploded.
As the late Thomas Sankara, former president of Burkina Faso, famously said:
“Debt is a cleverly managed reconquest of Africa, aimed at subjugating its growth and development through foreign rules. We are told how to govern, how to eat, how to educate, how to work and even how to die.”
Economic Colonialism Repackaged
Africa’s debt crisis is not merely economic; it is political, ideological and neo-colonial. These so-called “loans” are structured to enslave. According to former Nigerian President Olusegun Obasanjo,
“We had paid $35 billion on a $5 billion debt and still owed $32 billion. If that is not madness, then I don’t know what is.”
The IMF and World Bank preach “fiscal discipline,” yet turn a blind eye when billions are looted from African nations and stashed in Western banks. These institutions never penalize corruption because it benefits them. The more we borrow, the more we owe. The more we owe, the more they control.
Nigeria, like many African countries, was forced to cut public spending even as it continued to repay debt. Hospitals became death zones. Schools rotted. Industries shut down. Yet we were told this was “economic reform.”
Currency Devaluation: The Silent Killer
One of the most devastating weapons used against Nigeria was the forced devaluation of the Naira. Under IMF dictates, Nigeria was told to let its currency “float” to find a market rate. In truth, this was a calculated attack on the local economy.
In 1985, ₦1 exchanged for $1. By 1999, it was ₦90 to $1. Today in 2025, we are looking at ₦1,400 to $1. This isn’t just poor governance. It is economic warfare dressed in Western jargon.
Devaluation benefits foreign investors and multinational companies who buy Nigerian resources dirt cheap. It hurts local manufacturers, farmers and the average Nigerian who now pays 500% more for essential goods.
As Kenyan scholar Prof. PLO Lumumba stated:
“Africa is not poor. It is being impoverished. The theft is organized, systematic and maintained by institutions that profit from our misery.”
From Economic Leadership to Global Beggars
In the 1960s, countries like Malaysia, Singapore and South Korea were on the same economic level as Nigeria. Today, they are industrial giants. What did they do differently?
They invested in education, innovation and industrialization. They protected local industries and refused to blindly follow Western economic prescriptions. They said “No” to IMF loans. Nigeria and much of Africa, on the other hand, sold their economic souls for cheap loans and false praise.
As Ghanaian Pan-Africanist Kwame Nkrumah warned:
“We must unite now or perish. We must recognize that our economic independence resides in our African identity and not in Western handouts.”
Today’s Reality: Nigeria Is Paying for a Crime It Didn’t Commit
According to the World Bank, Nigeria now owes over $110 billion in public debt as of 2024. We spend more than 60% of our revenue servicing debt, leaving less than 40% for infrastructure, healthcare, education and job creation.
Worse still, a large portion of these loans never even reach the people. They are mismanaged, embezzled or used to repay interest on older loans. This is generational robbery. Our children and grandchildren are being mortgaged to pay for the failures and betrayals of past regimes.
What Must Be Done?
Enough is enough. Nigeria and Africa must break these chains or remain enslaved. We need a radical economic awakening, starting with:
Rejecting odious and illegitimate debts that were stolen or misused.
Building intra-African trade and regional currencies to reduce reliance on the dollar and euro.
Investing in manufacturing and agricultural value chains, not importing toothpicks and petrol.
Demanding the return of stolen funds hidden in Western banks with full interest.
Ending dependency on IMF/World Bank prescriptions and forming our own African Development Agenda.
Africa must no longer be treated as a pawn on a Western chessboard. We are 1.4 billion strong, sitting on the world’s richest minerals and fastest-growing youth population. It’s time we reclaimed our future.
Final Thoughts: The Real Battle Is Economic Freedom
Nigeria is not poor. We are rich in oil, gas, human capital, arable land and creativity. But we are poor in visionary leadership and economic independence. We cannot keep borrowing our way into prosperity.
This is a call to all patriotic Nigerians especially our youth. The real fight today is not with guns but with economic awareness, policy reform and collective pressure. The true liberation of Africa will not come from foreign aid. It will come when we say NO to debt slavery and YES to African-owned solutions.
As Wole Soyinka wisely said:
“The greatest threat to freedom is the absence of criticism.”
Now is the time to criticize, question, reform and rise.
Published by Sahara Weekly Nigeria – www.saharaweeklyng.com
Author: George Omagbemi Sylvester
Political Analyst | Economic Commentator | African Patriot
FRSC@ 38: SHEHU MOHAMMED STEERING NIGERIA’S ROAD SAFETY REVOLUTION TO GREATER HEIGHTS
By Deputy Corps Marshal Bisi Kazeem (Rtd) fsi, MNIM, anipr
When Mallam Shehu Mohammed assumed leadership as Corps Marshal of the Federal Road Safety Corps (FRSC), he inherited not just an institution with history, but a national mandate that touches every family, every highway, and every community in Nigeria. At 38 years, the Corps stands tall as Africa’s model road safety agency, and under his stewardship, that legacy is not merely preserved, it is being boldly redefined.
Nigeria’s highways were once synonymous with fear. Before 1988, the World Health Organisation ranked Nigeria among the most dangerous countries in the world to drive. It was a troubling indictment that demanded courage and clarity of purpose. The establishment of the FRSC under Decree No. 45 of 1988 laid the foundation for reform. But sustaining and advancing that reform across decades requires visionary leadership, the kind now exemplified by Mallam Shehu Mohammed.
Today, under his command, the Corps is consolidating its position as one of the most technologically advanced and operationally efficient law enforcement institutions in Nigeria. With renewed strategic focus, the present leadership has deepened the Safe Systems Approach built on people, processes, and technology, ensuring that safety interventions are not reactive, but preventive and intelligence-driven.
One of the defining hallmarks of his administration is accelerated digital transformation. Within six months, over 3,000 personnel were trained to strengthen operational competence and technological adaptability. More than 95 per cent of the Corps’ administrative and operational processes are automated, supported by over 30 web-based applications that enhance traffic governance nationwide. From the National Crash Reporting Information System (NACRIS) to the upgraded e-ticketing platform, innovation is no longer optional; it is institutional culture.
Emergency response under the current Corps Marshal has become faster and more coordinated, with nationwide response time reduced dramatically from 50 minutes to 15 minutes. The 122 toll-free emergency line and 24-hour National Call Centre continue to serve as lifelines for distressed road users, reflecting a leadership that understands that every second counts.
Strategic stakeholder engagement has equally flourished. Safe corridor initiatives have been strengthened, collaboration with transport unions intensified, and enforcement around articulated vehicles tightened. The result is a significant reduction in tanker-related crashes, a development that speaks to deliberate policy direction and disciplined implementation.
Under Mallam Shehu Mohammed’s leadership, data has become a central pillar of enforcement and planning. Through strengthened collaboration with the National Identity Management Commission, the National Bureau of Statistics, and the Nigeria Customs Service, the Corps has advanced harmonized data systems that support evidence-based interventions. Transparent weekly crash trend reporting now guides targeted deployment and corrective strategies.
Nigeria’s standing on the global stage has also been reinforced. The country remains an active participant in the renewed UN Decade of Action for Road Safety (2021–2030) and continues alignment with international road safety conventions. These achievements build on the solid foundation laid by past leaders from Olu Agunloye and General Haladu Hannaniya to Chief Osita Chidoka, Dr. Boboye Oyeyemi, and Dauda Ali Biu, but under the present Corps Marshal, the momentum has unmistakably intensified.
Operationally, the Corps’ footprint now spans 12 Zonal Commands, 37 Sector Commands, over 300 Unit Commands, over 700 Station Offices, 59 Zebra Emergency Ambulance Points, and presence in all 774 Local Government Areas of Nigeria. Yet beyond physical structures lies a stronger institutional spirit, one driven by discipline, professionalism, and accountability.
From a nation once ranked among the most unsafe for motorists to a continental pacesetter in road safety management, Nigeria’s transformation story is inseparable from the strength of its leadership. At 38 years, FRSC is not simply celebrating longevity; it is celebrating purposeful stewardship.
Mallam Shehu Mohammed represents a generation of reform-minded leadership committed to smarter mobility systems, data-driven enforcement, and people-centered safety administration.
His tenure reflects continuity with courage sustaining the Corps’ proud legacy while boldly steering it toward greater innovation and measurable impact.
The road ahead is demanding. But under his steady command, Nigeria’s highways are safer, its systems smarter, and its future brighter.
Fashion/Lifestyle
Introducing “Atupaglowco” : Where Fragrance Meets Feeling; The Story of Our Beginning
Introducing “Atupaglowco”: Where Fragrance Meets Feeling; The Story of Our Beginning
Every great journey begins with a sense of anticipation. For us, it began with a simple belief that a space should do more than exist, it should speak comfort and glow.
In a world filled with noise, stress, and endless motion, we realized something powerful. Fragrance can transform not just rooms, but moods. A familiar scent can calm anxiety. A warm aroma can turn a house into a home. A gentle glow can bring peace after a long day. This realization gave birth to “Atupaglowco.”
Atupaglowco was not created to sell diffusers, room sprays, or candles. It was created to create experiences. To create moments. To create atmospheres where people can breathe, reflect, and feel whole again.
The name itself represents more than a brand. It represents warmth. It represents light. It represents presence. We remember the early days, the planning, the testing of scents, the moments of doubt, and the moments of excitement. Each candle poured was a step of faith. Each fragrance blended was a piece of our vision coming to life. We weren’t just building products; we were building something meaningful.
Our diffusers were designed to quietly fill spaces with elegance.
Our room sprays were crafted to instantly refresh and revive environments. Our candles were made to bring calm, beauty, and a soft glow into everyday life.
Atupaglowco was born from passion, patience, and purpose. This launch is not just the start of a business. It is the start of a movement to help people create spaces they love. Spaces that inspire rest. Spaces that inspire joy. Spaces that glow.
We believe fragrance is personal. We believe glow is emotional. We believe every space deserves both.
Today, we proudly introduce Atupaglowco to the world.
This is only the beginning.
Ajadi Hails Oyo Speaker Ogundoyin at 39, Describes Him as Beacon of Purposeful Leadership
A leading governorship aspirant of the Peoples Democratic Party (PDP) in Oyo State, Ambassador Olufemi Ajadi Oguntoyinbo, has congratulated the Speaker of the Oyo State House of Assembly, Rt. Hon. Adebo Edward Ogundoyin, on the occasion of his 39th birthday, describing him as “a symbol of resilience, maturity and purposeful leadership in Nigeria’s democratic journey.”
In a congratulatory message made available to journalists on Tuesday, Ajadi praised Ogundoyin’s steady rise in public service, noting that his emergence as Speaker at a relatively young age reflects the possibilities of responsible youth leadership when combined with discipline, vision and service.
“Rt. Hon. Ogundoyin’s leadership has shown that age is not a barrier to excellence,” Ajadi said. “At 39, he stands tall as one of the most impactful Speakers in Oyo State’s history—calm, inclusive and deeply committed to democratic ideals.”
Ogundoyin, who represents Ibarapa East State Constituency under the Peoples Democratic Party, has served as Speaker since 2019 and was re-elected to lead the 10th Assembly in June 2023. His tenure has been marked by legislative stability, improved executive–legislative relations and youth-inclusive governance.
Ajadi commended the Speaker for fostering unity within the Assembly and prioritising laws that strengthen grassroots development across Oyo State. “His humility, accessibility and focus on people-oriented legislation have earned him respect beyond party lines,” he said. “He exemplifies the kind of leadership Oyo State needs—one anchored on service, accountability and progress.”
The governorship aspirant further described Ogundoyin as a rallying point for young Nigerians aspiring to public office. “In a country searching for credible leaders, Ogundoyin’s story offers hope,” Ajadi added. “He has shown that when young leaders are trusted with responsibility, they can deliver stability and results.”
Ajadi wished the Speaker many more years of good health, wisdom and greater service to Oyo State and Nigeria at large, praying that his leadership journey continues to inspire a new generation of public servants.
Ogundoyin, one of the youngest Speakers in Nigeria, has continued to attract goodwill messages from political leaders, civil society actors and constituents, as Oyo State marks another year in the life of a lawmaker widely regarded as a steady hand in the state’s legislative affairs.
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