Get Guardian on GoogleThe senator representing Ondo South Senatorial District, Jimoh Ibrahim, has sharply criticised the International Monetary Fund (IMF) and World Bank for labelling Nigeria as the world’s 12th poorest nation, insisting that the country ranks as the 42nd largest economy globally with a GDP of $363 billion.
Speaking in Abuja, the senator representing Ondo South challenged the global financial institutions to provide evidence contradicting Nigeria’s economic standing.
He dismissed their focus on per capita income of \$808, arguing that it overlooks the nation’s total GDP, which he said is a critical factor in assessing economic strength. Ibrahim acknowledged challenges in translating Nigeria’s GDP into higher per capita income but stressed that President Bola Tinubu’s administration is tackling this through the Hope Agenda.
“Nigeria has never claimed to be without challenges,” he said, noting that reforms to promote a knowledge-based economy and address skill gaps in the public sector are underway.
He accused the IMF and World Bank of presenting skewed data and urged them to address their own issues, such as rising consultancy fees, rather than misrepresenting Nigeria’s economic reality.
Ibrahim projected that ongoing reforms would gradually boost per capita income, currently at \$1,597, and called poverty reduction a shared responsibility.
The senator also advocated for accurate data to drive development in Africa, criticising the IMF and World Bank for what he described as a lack of independent authority in their assessments.
