…Insists Nigeria is world’s 42nd biggest economy
The Senator representing Ondo South in the Senate, Senator Jimoh Ibrahim, has challenged the International Monetary Fund (IMF) and the World Bank to present evidence contradicting the claim that Nigeria is currently the 42nd largest economy in the world.
Ibrahim was reacting to the IMF/World Bank statement claiming Nigeria is the 12th poorest country with a specific per capita income.
He criticised the IMF for overlooking the country’s total GDP, which primarily influences the per capita income.
Ibrahim emphasised that President Bola Tinubu’s administration had never stated that Nigeria faces no challenges. According to the senator, the debt, at 127 per cent of GDP, is a significant concern facing the American economy.
He said Nigeria struggles to translate its large GDP into higher per capita income, a problem the government is addressing with the Renewed Hope Agenda.
He added that the executive order aims to tackle the complexities of America’s $34 trillion debt.
Ibrahim said the IMF and World Bank often show data from only one standpoint on the balance sheet.
He suggested these organisations should concentrate on their internal problem of increasing consultancy fees, highlighting that the IMF and World Bank are epiphenomena without independent authority.
Ibrahim stated that the skill gap in the public sector hinders the effective execution of government’s good intentions, adding that the government aims to address this problem through a significant restructuring policy.
Noting that reforms are underway, and promoting the knowledge economy has become a top focus, he said per capita income is projected to increase gradually over time.
Ibrahim emphasised that eradicating or reducing poverty was a shared responsibility, adding that Nigeria’s actual GDP is $363 billion, with a per capita income of $1,597, as opposed to the $808 mentioned by the global financial institutions.