Economist Prof. Akpan Ekpo has explained why the World Bank and the International Monetary Fund (IMF) have been praising President Bola Tinubu’s economic reforms. Speaking during an interview on Arise Television on Thursday, Ekpo said the praise stems from the fact that Tinubu’s policies reflect the typical reform characteristics promoted by the World Bank and IMF.

Prof. Ekpo, however, cautioned that while the reforms align with international standards, they are unlikely to bring structural transformation to Nigeria’s economy. He noted that despite significant changes, including subsidy removal and naira floatation since Tinubu took office on May 29, 2023, the economy’s structure has not shown substantial improvement.

“The World Bank and IMF’s praise isn’t surprising because these reforms mirror their recommended packages,” Prof. Ekpo said. “But we have not seen any developing country fast-track growth or structural change simply by adopting such reforms. Nearly three years into these reforms, the Nigerian economy’s structure remains largely unchanged.”

He added that even considering GDP and consumer price indicators, the reforms have not significantly altered the fundamental economic structure. Prof. Ekpo emphasized that while the reforms may have short-term effects, expecting them to restructure the economy rapidly is unrealistic.