July 4, 2025
Just like Nigeria, a country without a solid industrial base, the depreciation of the naira has brought nothing but severe hardship to its people. Many Nigerians can no longer afford three meals a day — some can only manage one.
This situation wasn’t caused by internal factors alone, but largely due to the influence and loans imposed on the country by institutions like the World Bank and the International Monetary Fund (IMF), which later come back to criticize the country's economic performance.
Before Nigeria fell into this situation, Zimbabwe had already experienced a similar crisis between 2008 and 2019 due to policies influenced by the same institutions. However, there is a key difference between the two: in Zimbabwe, the prices of both goods and services skyrocketed, while in Nigeria, it is mainly the prices of goods that are rising.
In Zimbabwe, by 2007, their currency had devalued to the point where $Z30,000 equaled just $1 USD on the official market, and $Z600,000 to $1 on the black market. By 2008, it took 500 million Zimbabwean dollars to equal $1, and later 10 billion for the same amount.
By April 2009, they printed a 100 trillion Zimbabwean dollar note. At that point, $Z250 trillion equaled $1 USD. Eventually, things became so dire that they abandoned their currency entirely and started using foreign currencies.
In 2019, Zimbabwe introduced a new currency, pegging $Z360 to $1 USD. But by April 2024, they had printed yet another new currency called the ZIG, where ZIG10–11 equals $1 USD.
Nigerian authorities must learn from the experiences of countries that have fallen into the traps set by these global financial institutions. We pray that just as God delivered others from the grips of the IMF, World Bank, and their allies, He will also deliver Nigerian
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