Former Chairman of the Independent National Electoral Commission (INEC), Prof. Attahiru Jega, has urged Nigeria to exercise caution in adopting advice from Bretton Woods institutions, particularly the World Bank and the International Monetary Fund (IMF). Speaking at the 2024 Annual Directors’ Conference in Lagos, organized by the Chartered Institute of Directors of Nigeria (CIoD), Jega highlighted the potential long-term consequences of relying solely on external guidance, emphasizing that while engagement is beneficial, policies should be carefully assessed.

At the conference, themed “Good Governance as a Catalyst for Economic Recovery, Growth, and Development,” Jega addressed recent economic policies implemented under President Bola Tinubu’s administration, including fuel subsidy removal and naira floating. Although the IMF’s African Region Director, Abebe Selassie, clarified at the IMF and World Bank Annual Meetings that subsidy removal was a “domestic decision,” critics attribute current economic pressures to these policies.

Jega also called for reforms in Nigeria’s leadership recruitment, warning that unprepared leaders contribute to governance challenges. He advised that Nigeria focus on entrenching democratic governance rather than solely pursuing “good governance” as promoted by the World Bank, suggesting this approach could yield “people-oriented development” for sustainable progress.

The CIoD President, Alhaji Tijjani Borodo, reinforced the institute’s mission to strengthen corporate governance, urging collaboration between business leaders and government for a conducive business environment. Chairman of the event, Mr. Mutiu Sunmonu, added that character remains fundamental to good governance and urged parents to instill strong values in future leaders.