Former British Envoy David Roberts has urged Nigeria to reject the recent report by the International Monetary Fund (IMF), which projected that the country would drop from the first to the fourth largest economy in Africa this year. The IMF’s World Economic Outlook estimated Nigeria’s Gross Domestic Product (GDP) at $253 billion, placing it behind South Africa ($373 billion), Egypt ($348 billion), and Algeria ($267 billion). However, Roberts emphasizes that Nigeria should rely more on data from its own statistics, as domestically gathered information is likely to be more accurate.
He said: “In 2014 when Nigeria became the largest economy in Africa, it was not because of the calculations of the International Monetary Fund or the World Bank. It was because Nigeria’s economy had been rebased and recalculated by the National Bureau of Statistics.
“Were it not for the NBS, the world would have continued to perceive Nigeria as Africa’s third-largest economy,”
“That is certainly not true. If Nigeria became the biggest economy on the strength of the NBS data, why would Nigeria allow itself to be downgraded and labelled the fourth largest economy in Africa this year by the IMF? Does the IMF know Nigeria better than the NBS?”
“Did this same IMF not project a GDP growth of 3 percent for Nigeria, which Nigeria overshot by delivering a 3.4 percent quarterly growth?”
“Nigeria is not some Pacific Island nation, dependent on aid. Several Western countries now depend on Nigeria for healthcare professionals and other service providers.
“Your economy is growing at 3.4 percent. Fuel importation is down by 57 percent. Local refining is up by 12 percent and will explode when the Dangote and Port Harcourt Refineries kick off fully. You no longer spend N1.5 billion a month floating the Naira,”
Roberts challenges the IMF’s projections, citing instances where their GDP growth predictions for Nigeria were surpassed by actual performance. He encourages Nigerians to assert themselves and recognize their growing economy, especially with upcoming developments like the Port Harcourt refinery and the Dangote facility
