Loans Will Not Save Nigeria
Loans Will Not Save Nigeria: The Hidden Costs of Borrowing
President Muhammadu Buhari won many die-hard supporters purely because he refused to play the game of “begging bowl politics” at a time when Africa’s innumerable dictators were queuing up to take IMF / World Bank loans as global neoliberalism aggressively dictated. If Buhari had accepted the aggressively marketed neoliberal-induced loans, General Ibrahim Babangida might have never become president and Nigeria’s recent history different. Conversely, if Buhari had remained in office enduringly then with the “no loan” stance, Nigeria might be up there today with Botswana, a nation that rejected IMF / World Bank loans. However, Buhari, now a democratically elected president is actively courting loans from economic powers, the most recent being China. What happened? Egnahc? (more…)