David Roberts, a former Director of the British Council in Nigeria, has advised Nigeria to dismiss the recent report by the International Monetary Fund (IMF) predicting a drop in the country’s economic ranking.
According to the IMF’s World Economic Outlook, Nigeria is projected to fall from being the largest economy in Africa to the fourth position, behind South Africa, Egypt, and Algeria. Roberts believes Nigeria should rely more on its own data, particularly from the National Bureau of Statistics (NBS), rather than foreign agencies like the IMF.
He highlighted that Nigeria’s previous status as Africa’s largest economy in 2014 was based on recalculations by the NBS, not IMF estimates. Roberts emphasized the need for Nigerians to challenge the belief that Western institutions like the IMF always have accurate assessments of their country.
Roberts pointed out that the IMF’s past projections have not always been accurate, citing instances where Nigeria outperformed their forecasts. He encouraged Nigerians to assert their economic strength, especially with ongoing developments like the Port Harcourt refinery and the Dangote facility.
The former envoy stressed the importance of relying on NBS statistics and projections, suggesting that they hold more integrity than IMF forecasts, which have sometimes been inaccurate.
Despite recent economic challenges following policy reforms by President Bola Tinubu, including subsidy removal and currency devaluations, Roberts remains optimistic about Nigeria’s economic potential.
In conclusion, Roberts urged Nigerians to trust in their country’s resilience and growth trajectory, emphasizing the need to focus on domestic data for a more accurate understanding of Nigeria’s economic landscape.
REF: thisdaylive.com
