No wonder General Yakubu Gowon, the former Nigerian Head of State, is famously credited with stating: “Money is not Nigeria’s problem, but how to spend it.”
On 23rd December 1974, Nigeria signed a long-term borrowing agreement. Under it, Nigeria put $240m in net resources into World Bank reserves. In 1975, Nigeria lent $120m to the IMF.
Let that sink in. Nigeria was a creditor nation.
In the 1970s we were not on aid lists. We were not lining up for IMF conditions. Oil money was flowing, but more than that, our leaders had a sense of national pride. We could lend to the very institutions we now queue before.
What has happened to Nigeria?
We happened. Five decades of looting, waste, and short-term thinking happened.
The money that should have built refineries, power, rail, and education was shared as “national cake.” Industries were killed by import dependence. Accountability died and was replaced with budget padding.
Today we borrow to pay salaries. We borrow to service old debt. We borrow for projects that never finish. The same World Bank and IMF we once funded now dictate our policies.
From $240m contributor to perpetual debtor. From lender to patient in the ICU of the global economy.
The question is not where the money went. The question is: who will have the courage to stop the bleeding and restore the Nigeria that once lent to the world?
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bcradle@ymail.com
