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Market Digest Nigeria

Economy

World Bank and IMF publish false data about Nigeria-President Buhari

President Buhari has raised an alarm of inaccurate data about Nigeria being published by World Bank, the International Monetary Fund and other world bodies.

 

The President who made the disclosure during his meeting with the recently-constituted economic council, warned Nigerians to be wary of some statistics from world bodies.  Buhari insisted that local institutions are better suited in the collation of records than foreign agencies as he advised the newly constituted economic council to prioritise a framework on data collection that would make national planning and policymaking more feasible.

International Monetary Fund (IMF) Managing Director Christine Lagarde with Nigeria’s President Muhammadu Buhari in Abuja, Nigeria, January 5, 2016 REUTERS/Afolabi Sotunde

“Today, most of the statistics quoted about Nigeria are developed abroad by the World Bank, IMF and other foreign bodies. Some of these statistics are wild estimates that bear little relation to the facts on the ground,” President Buhari tweeted.  “We can only plan realistically when we have reliable data. As a government, we are taking very serious steps to improve the quality of data available for policymaking, and today I charged the Presidential Economic Advisory Council to prioritise the collection of primary data.

“We must domesticate our policies to reflect our local realities. While we very much welcome the cooperation and support we are getting from our friends abroad, it is important to make it clear that Nigeria can only truly move forward with homegrown solutions” he added.

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