Senator Jimoh Ibrahim, representing Ondo South Senatorial District, has faulted recent economic classifications by the International Monetary Fund (IMF) and the World Bank, which ranked Nigeria as the 12th poorest country in the world based on per capita income.
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In a statement made available on Sunday, Ibrahim described the claims by the Bretton Woods institutions as misleading and lacking comprehensive context, insisting that Nigeria remains the 42nd largest economy globally by GDP.
He challenged the IMF and World Bank to provide evidence disputing Nigeria’s total Gross Domestic Product (GDP), currently estimated at $363 billion, arguing that the country’s large GDP should be the dominant metric rather than a narrow focus on per capita income.
“The IMF and World Bank are presenting only one side of the economic balance sheet,” Ibrahim said. “Per capita income must be understood within the context of population and GDP, and Nigeria’s struggle is not with output but with the distribution of that wealth.”
He asserted that the administration of President Bola Ahmed Tinubu has never denied the challenges facing the country, adding that the government is working diligently to implement structural reforms under the Renewed Hope Agenda aimed at raising per capita income and reducing poverty.
Ibrahim also criticised the global financial institutions for failing to focus on internal inefficiencies such as ballooning consultancy costs, stating that the IMF and World Bank operate as “epiphenomena” — peripheral actors lacking independent control over national economies.
He further argued that the U.S. government, which influences both institutions, has its own pressing fiscal challenges, including a public debt exceeding $34 trillion — equivalent to 127 percent of its GDP.
“It is a fundamental issue for the American economy, and yet their institutions are quick to cast judgment on emerging economies,” he stated.
The senator also identified a skill gap in Nigeria’s public service as a major barrier to implementing the federal government’s policies effectively. He noted that a robust restructuring programme is underway to address institutional weaknesses and accelerate the shift towards a knowledge-based economy.
According to Ibrahim, poverty alleviation requires collaborative responsibility and strategic planning, rather than superficial economic comparisons.
“The per capita income currently stands at $1,597, not $808 as falsely claimed. It will rise progressively as reforms take hold,” he affirmed.
Ibrahim maintained that while Nigeria continues to face macroeconomic challenges, dismissing the country’s broader economic standing based solely on per capita metrics distorts reality and undermines the scale of ongoing reforms.
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