Jimoh Ibrahim, Nigeria’s ambassador and permanent representative to the UN, has stated that despite existing difficulties, President Bola Ahmed Tinubu will not abandon the administration’s economic reforms, guaranteeing that Nigerians will soon gain.
Ibrahim emphasised that the reforms, despite their short-term suffering, are necessary for long-term progress and national prosperity while speaking during a legislative session on the fringes of the ongoing IMF/World Bank Spring Meetings in Washington, DC.
He pointed out that without resolving the growing tensions surrounding Iran, especially the vital Strait of Hormuz, significant global economic advancement cannot be made.
“Until we jointly secure peace in the ongoing tensions involving Iran, especially as it concerns international passage through the Strait of Hormuz,” he said, “no country can achieve significant economic development this year or thereafter.”
Given that over 25% of the world’s seaborne oil—estimated at over 20 million barrels per day—and roughly 20% of liquefied natural gas transit through the corridor, Ibrahim cautioned that interruptions in the area might have far-reaching effects on the global economy.
He went on to say that any increase in oil price volatility will have a negative effect on key economies, such as China, India, Japan, and South Korea, making economic planning more difficult and creating global development issues.
Regarding Nigeria’s internal front, the ambassador reiterated the Federal Government’s dedication to maintaining reforms, pointing out that legislative support is still essential for mitigating the impact on civilians.
In order to solve economic issues, he urged greater cooperation between the legislature and the executive branch, emphasising that legislative action and planning must reflect present circumstances.
In order to reduce poverty and economic misery, Ibrahim urged parliamentarians throughout the world to embrace cooperative frameworks akin to Nigeria’s parliamentary model under Senate President Godswill Akpabio.
“Reforms initiated by President Bola Tinubu would make Nigeria great. He stated, “These policies are essential for growth and economic development, even though they may cause short-term pain.”
“While action and strategy must come from proper situational diagnosis, the law must reflect the situation,” he continued.
Parliament is not an exception to the current state of the world.
Ibrahim also urged lawmakers to work together more internationally, emphasising that good economic planning and sustainable development still depend on world peace.
Senator Ibrahim said goodbye to his legislative forum colleagues at the end of the session, thanking them for the connections and networks they had developed over the years.
Following President Tinubu’s nomination of him as Nigeria’s Ambassador Extraordinary and Plenipotentiary to the UN, he announced that he would be leaving legislative duties in order to begin a new era of international diplomatic service.