Nigeria isn’t 12th poorest, it’s World’s 42nd biggest economy, Jimoh Ibrahim counters IMF, World Bank’s ranking

Senator Jimoh Ibrahim has challenged International Monetary Fund (IMF) and World Bank figures, insisting Nigeria’s GDP and per capita income are underestimated.

Senato Ibrahim, who represents Ondo South has challenged the IMF and the World Bank to present evidence contradicting the claim that Nigeria is the 42nd largest economy in the world.

Ibrahim spoke in Abuja while 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 Tinubu’s administration had never stated that Nigeria faces no challenges.

He said Nigeria struggles to translate its large GDP into higher per capita income, a problem the government is addressing with the Hope Agenda.

He 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 the government’s good intentions, adding the government aims to address this problem through a significant restructuring policy.