NIGERIA; Bought and paid for by the IMF & World bank
In the 80’s during President Shehu Shagari tenure, the then Minister of Transport Umaru Dikko was asked about the current state of Nigeria’s poverty he said “Nigerians have not started eating from dustbins so they are not hungry”. In 2017 a picture surfaced on the internet showing children in Kano state actually eating from dustbins, this article seeks to enlighten Nigerian youths on how the problems we face today and in the future where dumped on us by our past and present visionless leaders who mortgaged our futures to fund their flamboyant expenditures.
During the oil boom period of the 1970s till the end of Obasanjo regime in 1979, Nigeria public debt was $3.7billion. In 1983 Shehu Shagari administration had “boosted” the debt to $20billion, this period also marked probably the worst case of corruption and incompetence among Nigeria’s ruling class and that is where the downward slide of the country started.
In the 80s, oil prices plummeted to less than $10 a barrel, the country’s economy was heavily reliant on oil exports and neglected agriculture and mineral resources, so when the barrel prices crashed Nigeria’s economy crashed but that didn’t stop the government from burrowing for recurrent expenditures, soon Nigeria could not fund its budget.

Colonization through debt burden; IMF & World Bank
Nigeria’s economy was on decline and it could not fund its budget or service its past loan obligations, In 1986 the then Military head of state General Ibrahim Babaginda ran to IMF and world bank for assistance as the economy was in crisis. This led to the creation of the Structural Adjustment Program which was a complex loan system designed to help African economies in crisis, on paper looked like a great solution to help the Nigerian economy but in reality was to ensure American banks who loaned Nigeria through IMF & World bank would recover their money thereby plunging the country into poverty. Let me explain this briefly; one of the objectives of SAP was to alter the prices of non-oil products to increase exports thereby bringing in revenue, In reality Nigeria was made to devalue its currency therefore exports of our agriculture products were at extremely low prices and guess who was buying them? The USA, SAP also instructed the Nigerian govt to cut down on it's social infrastructure leading to loss of jobs, in the short term Nigerian farmers benefited from SAP but in the long term it destroyed growth and development because we exported cheaply and use the proceeds of the exports to service previous debts in other to borrow more.
Few days ago this article from Bloomberg was posted on Nairaland
https://www.nairaland.com/5872812/investors-rush-nigeria-bloomberg
I was pained to see that some Nigerians actually thought it is a good thing that "investors" are coming to coming when our debt profile is at a record high 33trillion naira, poverty is at its highest, unemployment, lack of growth and development and of course Covid19 pandemic.
They are not coming to invest, the seeds of poverty and economic depression which they planted in the 80s-helped by the corruption and lack of foresight of our leaders- have matured and they are here to harvest everything.
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