The World Bank and International Monetary Fund (IMF) have criticized Africa’s economic future, according to Senator Jimoh Ibrahim of Ondo South.
According to a report by Naija News, the World Bank predicted that more Nigerians would be living in poverty by 2027.
The two global financial institutions create estimates without accurate data, according to the chairman of the Senate Inter-parliamentary Committee.
Ibrahim told reporters on the sidelines of the IMF and World Bank’s spring 2025 meetings in Washington, DC, that reducing projected growth or rescheduling debts are not enough and that the two global financial institutions should do more than simply lower their outlooks.
“They ought to do more to bring nations together. Leaders should be involved in international organizations. The world needs real participation and a conference table of leaders,” he stated.
He emphasized that “high-level discussions with global economic leaders focused on collaboration” are essential for the leadership of the World Bank and IMF.
The senator from the All Progressives Congress (APC) issued a warning, stating that the future of the world economy is uncertain and could jeopardize globalization promises.
“The situation could lead to a global retreat from commitments to globalization and threaten innovation,” he said.
Specifically on African economies, he stressed, “I cannot see any improvement in economic outlooks as the IMF is working on projected data rather than reliable data. Their data, as it relates to Africa, is weak and unreliable.
He further advised President Bola Tinubu to stay committed to his reform agenda.
“My advice is that the President stays committed to his reform agenda, strive to enhance his team’s knowledge capacity on economic management and international finance,” he added.
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