Former Kaduna Central Senator Shehu Sani has criticized the World Bank, accusing the institution of prolonging Nigeria’s economic hardships. Sani’s comments came after the World Bank’s Africa’s Pulse report revealed the Nigerian Naira as one of sub-Sahara Africa’s worst-performing currencies in August 2024. The report attributed the Naira’s depreciation to increased demand for dollars and limited dollar inflow.

Sani questioned the World Bank’s efficiency in reducing poverty, stating, “The World Bank wants the hardship to extend to the next fifteen years before we can reach the promised land.” He also asked, “How many African countries have the World Bank taken to the promised land?”

The World Bank report highlighted the Naira’s significant decline, with a 43% depreciation as of August. The Ethiopian Birr and South Sudanese Pound also experienced similar declines. The report identified surges in demand for US dollars, limited dollar inflows and slow foreign exchange disbursements as key factors contributing to the Naira’s weakening.

It’s worth noting that the World Bank has been working to address poverty and promote economic development in Nigeria. The organization’s Nigeria Development Update reports provide regular assessments of the country’s economic and social progress. However, Sani’s comments suggest that more needs to be done to address Nigeria’s economic challenges.