Don’t follow ‘Bretton Woods Institutions’ blindly—Jega to FG

Former Independent National Electoral Commission (INEC) Chairman, Attahiru Jega, has cautioned the Nigerian government against blindly following the advice of ‘Bretton Woods institutions,’ particularly the World Bank and International Monetary Fund (IMF).

Jega gave this advice on Wednesday while speaking at the Chartered Institute of Directors of Nigeria’s (CIoD) 2024 Annual Directors’ Conference.

He argued that blindly following these institutions’ advice, as seen with previous Structural Adjustment Programmes (SAP), can result in economic and social problems.

Instead, Jega advocated for good democratic governance founded on constitutionalism and the rule of law.

“That is why it is better to focus on good democratic governance rather than just good governance as conceptualised and promoted (imposed?) by the Bretton Woods institutions to rationalise the failure of SAP and its profound negative consequences on socioeconomic development in the countries compelled to introduce and implement it,” Jega said.

“Hence, to re-echo my often re-stated and repeated argument, what Nigeria needs and requires is not merely ‘good governance’ as conceptualised by the World Bank and the IMF, but good democratic governance, anchored on constitutionalism, the rule of law, lawful conduct by elected public officials, representatives of the people and their appointees, circumscribed by professional, moral and ethical conduct, as well as selflessness.”

Jega, however, called for reforms in Nigeria’s leadership recruitment process to address the issue of the lack of preparedness among many leaders as a critical issue facing the nation.