The Nigeria Labour Congress (NLC) has issued a stern warning to the International Monetary Fund (IMF) and the World Bank, stating that their continued presence in Nigeria may no longer be tenable. In a recent statement, NLC President Joe Ajaero condemned the institutions for their perceived role in exacerbating Nigeria's economic challenges and announced that the Congress might soon demand their complete withdrawal from the country.
The NLC's declaration follows a series of policy recommendations from the World Bank and IMF that have been criticized as harmful to the Nigerian populace. Ajaero highlighted the recent advice from these institutions advocating for an increase in fuel prices to N750 per litre as a particularly egregious example of their detrimental influence. He characterized such recommendations as "laden with mischief" and indicative of a broader pattern of policies that prioritize foreign interests over the welfare of Nigerian citizens.
“The IMF seems to be distancing itself from the future backlash of these policies, but Nigerians are not naive; we recognize the destructive effects of its harmful strategies on Nigeria and Africa,” Ajaero stated. He criticized the IMF's recent claims that the removal of fuel subsidies was a domestic decision, arguing that such assertions are disingenuous given the historical influence these institutions have wielded over Nigeria's economic policies.
The NLC has consistently voiced concerns regarding the austerity measures promoted by these financial institutions, which they argue have led to increased hardship for ordinary Nigerians. The removal of fuel subsidies and the floating of the Naira have resulted in skyrocketing fuel prices and inflation, pushing essential goods out of reach for many families.
Ajaero emphasized that these policies have not only destabilized Nigeria's economy but have also undermined its long-term development plans. “We call on our government to resist external pressures and prioritize policies that genuinely uplift our citizens,” he urged.
In light of these ongoing challenges, Ajaero warned that if the World Bank and IMF continue to impose policies that harm Nigeria’s economy, the NLC would be compelled to mobilize public support for their expulsion from Nigeria. “They have become a significant challenge for us, and we may soon be compelled to demand their complete withdrawal from Nigeria,” he asserted.