Nigeria’s GDP Surpassed China’s When We Ignored IMF — Olawepo-Hashim

Peoples Democratic Party (PDP) presidential aspirant, Dr. Gbenga Olawepo-Hashim, has criticised Nigeria’s continued reliance on the economic prescriptions of the International Monetary Fund (IMF), arguing that the country’s economic decline stems from policy choices shaped by external institutions rather than domestic realities.

He made the remarks on Monday during an appearance on ARISE TV’s 8pm Prime Time program, where he discussed the Nigerian economy, National development, and his proposed $4 trillion economic plan.

According to him, Nigeria performed better when it pursued independent economic policies, citing the country’s economic standing in the 1970s.

“When Nigeria wasn’t listening to the IMF hook, line, and sinker, our GDP per capita in 1976 was three times that of China, and our GDP was also double of Malaysia in 1966,” he said.

He argued that “no serious Nation swallows every pill that the IMF dispenses,” stressing that the Fund is not an investor and its projections should not serve as the primary benchmark for National progress.

Olawepo-Hashim maintained that the true measure of economic performance should be reflected in the living conditions of citizens rather than headline growth figures.

The PDP aspirant also dismissed the Federal Government’s celebration of a four percent GDP growth rate, describing it as inadequate in the context of what he called significant economic losses in recent years.

“After shaving 50 percent off the GDP, a four percent growth rate still represents a net decline, the GDP declined from 574 billion USD in 2014 to 230 billion USD now, he said, adding that the All Progressives Congress (APC)-led government cannot credibly claim economic progress until Nigeria’s GDP surpasses the level it inherited in 2015.

Drawing a comparison with the administration of former President Olusegun Obasanjo, Olawepo-Hashim noted that Nigeria recorded steady economic expansion between 1999 and 2003.

“When Obasanjo came in 1999, Nigeria recorded 5.5 percent growth in 2000, but by 2003 the country was achieving a 9.5 percent growth rate,” he said, insisting that despite its shortcomings, the PDP performed better than the APC across sectors.

He further criticised the APC’s record in the power sector, alleging that the government has failed to significantly improve electricity generation capacity over the past decade.

“APC has not added one megawatt of electricity in 10 years,” he stated.
He also claimed that rather than expanding the economy, the administration has presided over a contraction.
“APC has not added $1 to Nigeria’s GDP; instead, it destroyed 50 percent of our GDP in 10 years,” he said.

On agriculture, Olawepo-Hashim alleged that Nigeria has lost nearly $4 billion in productive capital within two years under President Bola Tinubu, attributing the decline to what he described as attempts to “artificially crash food prices,” a move he said weakened farmers and disrupted value chains.

He argued the Economy requires double digit growth to get back into shape not Micky Mouse growth produced from failed reform initiatives. “Massive devaluation of the Naira started in 1986, there is nothing original or creative about that” he said. Dr Hashim further argued that the Economy needs Keynessin style Economic package, a Roosevelt kind of bold plan for its over depressed Economy not “more and more of the same failed reform measures” he noted .

Commenting on the recent killings in Woro community in Kaiama Local Government Area of Kwara State, where nearly 200 people were reportedly killed, Hashim described the incident as a major National security failure.
He questioned why security forces failed to respond despite the proximity of an Air Force facility.

“Despite an Air Force base located just 15 minutes away, terrorists were allowed to walk in and slaughter 200 people without any government resistance,” he said.
Hashim described the situation as “beyond security failure,” adding that it raises troubling questions about possible complicity.

End.