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From Wealth to Chains: How the World Bank and IMF Drowned Nigeria and Africa in Debt

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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

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

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

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BREAKING: Former President Muhammadu Buhari Dies in London Hospital

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BUHARI CONGRATULATES FBN ON 40 YEARS OF CROSS-BORDER BANKING IN UK

BREAKING: Former President Muhammadu Buhari Dies in London Hospital

 

Nigeria’s former President, Muhammadu Buhari, has passed away. He died on Sunday afternoon in a clinic in London, where he had reportedly been receiving medical attention.

BREAKING: Former President Muhammadu Buhari Dies in London Hospital

The sad news was confirmed in a brief two-paragraph statement released by his spokesperson, Mallam Garba Shehu. The statement read in part: “INNA LILLAHI WA INNA ILAIHIRRAJIUUN. The family of the former president has announced the passing on of the former president, Muhammadu Buhari, GCFR, this afternoon in a clinic in London. May Allah accept him in Aljannatul Firdaus, Amin.”

 

Buhari, who served as Nigeria’s civilian president from 2015 to 2023 after a previous stint as military head of state (1983–1985), was a central figure in the country’s political and military history. His death marks the end of an era for many Nigerians who saw him as a symbol of integrity and national discipline.

This is a developing story. More details to follow.

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Today’s Effort, Tomorrow’s Triumph: The Undeniable Power of Doing Your Best Today

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Today’s Effort, Tomorrow’s Triumph: The Undeniable Power of Doing Your Best Today.

By George Omagbemi Sylvester | Published by SaharaWeeklyNG.com

D best preparation for tomorrow is doing your best today.” ~ H. Jackson Brown Jr.

In a world addicted to shortcuts and obsessed with quick wins, the timeless wisdom behind the quote above cuts through the noise like a sharpened sword. The idea that tomorrow’s success depends entirely on today’s actions is not a cliché, it is an irrefutable truth. Whether in faith, science, economics or personal development, one law stands firm: today’s SEED is tomorrow’s HARVEST.

Today’s Effort, Tomorrow’s Triumph: The Undeniable Power of Doing Your Best Today.
By George Omagbemi Sylvester | Published by SaharaWeeklyNG.com

We can not continue to fold our hands in laziness today and expect miracles tomorrow. A nation can not waste time, bury talent and ignore responsibility today and then complain about failure tomorrow. Life does not reward intentions; it rewards actions.

Faith Speaks: Christianity and Islam Agree on the Power of Today. This principle is not just motivational; it is deeply spiritual. Across the world’s major religions, the doctrine of intentional daily action is clear.

In the Bible
Proverbs 6:6-8 teaches:

“Go to the ant, you sluggard; consider its ways and be wise! It has no commander, no overseer or ruler, yet it stores its provisions in summer and gathers its food at harvest.”

The lesson here is blunt: the time to prepare is now, not later.

Ecclesiastes 9:10 further reinforces this:

“Whatever your hand finds to do, do it with all your might…”

In the Quran
Islam emphasizes the same responsibility of living intentionally and working righteously each day. In Surah Al-Zalzalah (99:7-8), the Holy Qur’an declares:

“So whoever does an atom’s weight of good will see it, and whoever does an atom’s weight of evil will see it.”

This verse reminds believers that nothing is wasted; every small effort counts and will show its result, either today or tomorrow. It is a divine call to mindfulness and proactive living.

Also, in Surah Ar-Ra’d (13:11), Allah says:

“Indeed, Allah will not change the condition of a people until they change what is in themselves.”

Change does not fall from the sky. God helps those who help themselves; today, not when it is convenient.

Procrastination is the Poison of Purpose
Dr. Timothy Pychyl, a psychology professor at Carleton University, states that:

“Procrastination is not a time management problem, it is an emotion regulation problem.”

We put off effort not because we lack time, but because we avoid discomfort. Yet nothing of value has ever been built in comfort. From Moses to Muhammad (PBUH), from Mandela to Martin Luther King Jr., progress has always come from people who embraced struggle today to secure peace tomorrow.

From Nations to Individuals: A Pattern of Success. Japan, South Korea and Singapore, these countries did not wait for the future to be great. They built it. After war and poverty, they chose to invest in education, discipline, innovation and daily excellence. The results? Economic prosperity, global respect and technological advancement.

Compare that with many African nations, where politics, procrastination and misplaced priorities have crippled development. Nigeria, for instance, continues to grapple with the consequences of poor preparation. We cannot talk about transformation if we do not first talk about intentional effort; daily, consistent and focused.

The Economy of Today. Economists describe something called the Law of Diminishing Intent: the longer you delay action, the less likely you are to do it at all. In business, delaying a product launch or avoiding staff training today often leads to loss of competitive edge tomorrow.

Brian Tracy, in his bestselling book Eat That Frog, emphasizes:

“Your ability to discipline yourself to set clear goals and then work on them every day will do more to guarantee your success than any other single factor.”

In other words, daily action beats monthly inspiration.

Talent is Nothing Without Today’s Discipline. Too many young people have talents buried in the coffin of laziness. Dreams without daily action are hallucinations. The Bible says in Proverbs 14:23:

“All hard work brings a profit, but mere talk leads only to poverty.”

Success is not a gift; it is a product. You cannot wish your way into greatness. You must work your way into it—step by step, day by day.

The Quran also teaches in Surah An-Najm (53:39):

“And that there is not for man except that [good] for which he strives.”

It doesn’t get clearer than that. You get only what you strive for.

Global Voices That Support the Principle. Great minds from various backgrounds have echoed this truth:

Angela Duckworth (Author of Grit): “Enthusiasm is common. Endurance is rare.”
Daily effort is the dividing line between the average and the great.

Jim Rohn: “Success is neither magical nor mysterious. Success is the natural consequence of consistently applying basic fundamentals.”

Barack Obama: “The best way to not feel hopeless is to get up and do something.”

Malcolm X: “The future belongs to those who prepare for it today.”

When both Eastern and Western wisdom align, when scriptures and scholars agree, then it is no longer a theory; it is a law.

Time is the Most Precious Currency. Unlike money, time cannot be earned back. Once gone, it is gone forever. Every second wasted is a blessing buried. The Quran calls mankind to account for their time. In Surah Al-Asr (103:1-3), Allah says:

“By Time, verily man is in loss, except those who believe and do righteous deeds, and enjoin each other to truth and patience.”

Even belief must be accompanied by action, otherwise it results in loss. Believing in your future without acting today is self-deception.

A Message to Nigeria’s Youth and Leaders. Let us be brutally honest. Nigeria will not change through slogans. Africa will not rise through hashtags. Real transformation begins with action; by the citizens, by the youth and most critically, by the leaders.

Our failure to plan, our tendency to delay reforms, our endless “we’ll do it later” mindset; this is what chains our future. We must kill procrastination before it kills our potential.

Instead of wishing for a better Nigeria, wake up and become the better Nigerian. Apply for the course. Register the business. Clean the streets. Learn the skill. Fight corruption. Demand accountability. Do your best today.

Final Thoughts: The Time is Now. The truth is simple: You will not rise tomorrow if you sit today.

Yes, life is unfair. Yes, circumstances can be hard; but you must never give the excuse of tomorrow for what you can perfect today. Success does not belong to the most privileged. It belongs to the most prepared.

Let us leave you with the words of Prophet Muhammad (PBUH), who said:

“If the Hour (the end of the world) is about to be established and one of you was holding a palm shoot, let him take advantage of even one second before it happens and plant it.” (Musnad Ahmad)

That is how powerful the present moment is even if the world is ending, still do your best now.

The Closing Reflections.
Tomorrow is not a miracle waiting to happen. It is the fruit of today’s labor. If you want to succeed, begin today. If you want to change your story, act now. If you want a better nation, do not just hope; build it.

The best preparation for tomorrow is not luck. It is doing your best today without excuse, without delay and without fear.

Today’s Effort, Tomorrow’s Triumph: The Undeniable Power of Doing Your Best Today.
By George Omagbemi Sylvester | Published by SaharaWeeklyNG.com

Written by George Omagbemi Sylvester
Published by SaharaWeeklyNG.com

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NDA Cadets to Conduct Live Firing Exercises, Residents Advised to Take Precautions

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NDA Cadets to Conduct Live Firing Exercises, Residents Advised to Take Precautions

NDA Cadets to Conduct Live Firing Exercises, Residents Advised to Take Precautions

The Nigerian Defence Academy (NDA) is set to conduct a Range Classification Exercise for Cadets of the 73 Regular Course from July 14 to 18, 2025, at the NDA Open Range.

According to Major Mohammed Maidawa, Academy Public Relations Officer, the four-day exercise is designed to enhance the Cadets’ skills in live firing scenarios and will be instrumental in their training and preparedness.

NDA Cadets to Conduct Live Firing Exercises, Residents Advised to Take Precautions

Major Maidawa urged local residents and communities to be aware of the exercise schedule and not to be alarmed by the sounds associated with live firing activities during this period.

He also advised farmers, herders, and residents to avoid entering or trespassing into the NDA Open Range and surrounding areas from July 14 to 18, 2025, citing public safety as a priority.

“Public safety is our priority, and adhering to these guidelines will help prevent any accidents,” he said.

The NDA appeals to the public to cooperate and disseminate the information to ensure awareness and safety.

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