Nigeria’s GDP once surpassed China, Malaysia’s when we ignored IMF — Gbenga Hashim

Peoples Democratic Party (PDP) presidential aspirant, Dr. Gbenga 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.

Hashim made the remarks on Monday during an appearance on ARISE TV’s 8pm programme, where he discussed the Nigerian economy, national development, and his proposed $4 trillion economic plan.

“When Nigeria wasn’t following the IMF hook, line, and sinker, our GDP per capita in 1976 was three times that of China, and our GDP in 1966 was double that of Malaysia,” he said, citing Nigeria’s strong performance under independent economic policies in the 1970s.

He argued that the IMF is not an investor and that its projections should not serve as the primary benchmark for national progress. According to Hashim, the true measure of economic performance should be reflected in the living conditions of citizens rather than headline growth figures.

Hashim also criticised the Federal Government’s celebration of a four percent GDP growth rate, describing it as inadequate given the country’s economic losses over the past decade. “After shaving 50 percent off the GDP, a four percent growth rate still represents a net decline. Our GDP fell from $574 billion in 2014 to $230 billion today,” he said, adding that Nigeria cannot claim economic progress until GDP surpasses the level inherited in 2015.

Drawing a comparison with the administration of former President Olusegun Obasanjo, Hashim noted that Nigeria recorded steady growth between 1999 and 2003. “When Obasanjo came in 1999, Nigeria recorded 5.5 percent growth in 2000, and by 2003 the country was achieving 9.5 percent growth,” he said.

He further criticised the APC-led government’s record in the power sector, alleging that it has failed to significantly improve electricity generation capacity over the past decade. “APC has not added one megawatt of electricity in 10 years,” he said.

On agriculture, Hashim claimed that Nigeria has lost nearly $4 billion in productive capital within two years under President Bola Tinubu, attributing the decline to policies that “artificially suppressed food prices,” weakening farmers and disrupting value chains.

Hashim emphasised that Nigeria needs bold, Keynesian-style economic interventions and double-digit growth to restore its economy, rather than incremental reforms. “Massive devaluation of the Naira started in 1986. There is nothing original or creative about continuing the same failed reforms,” he said.

Commenting on the recent killings in Woro community, 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 did not respond despite the proximity of an Air Force facility.

“Despite an Air Force base just 15 minutes away, terrorists were allowed to walk in and slaughter 200 people without any government resistance,” he said, calling the situation “beyond security failure” and raising troubling questions about possible complicity.

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