@iammcpashun: In 1974,Nigeria Lents $240m to World Bank,$120m to IMF as they were broke to give money to countries who needed loans to fund their developmental Projects. World Bank and IMF were bankrupt to a point that they couldn’t give loans to countries who previously relied on them for an economic recovery. They had no option than to run to Nigeria whose financial reserves was too surplus as oil boom officially made Nigeria Giant of African and an Obvious Contender with World Powers in terms of Natural Resources. The tragedy of Nigeria’s descent from a heroic 1970s creditor when it lent to the World Bank and IMF with a currency stronger than the dollar to a poverty-stricken state defines a lost era of squandered potential, systemic corruption, and catastrophic mismanagement. In the early 1970s, the Naira (and its predecessor) traded stronger than the US dollar. Today, following decades of devaluation and inflation, the currency has plummeted to severe lows, devastating the purchasing power of the masses despite immense natural and human resources. #nigeria #worldbank #imf #leadership #loan

MC Pashun

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Monday 20 July 2026 12:26:33 GMT