A presidential aspirant on the platform of the Peoples Democratic Party (PDP), Dr. Gbenga Hashim, has faulted Nigeria’s long-standing dependence on the economic policy frameworks of the International Monetary Fund (IMF), asserting that the country’s prolonged economic downturn is largely the outcome of externally driven policy choices misaligned with domestic realities.
Hashim made the assertion on Monday during an interview on ARISE TV’s Prime Time programme, where he examined Nigeria’s macroeconomic trajectory, national development challenges, and outlined his proposed $4 trillion economic recovery agenda.
He argued that Nigeria’s economy delivered stronger outcomes during periods when policy direction was domestically defined, referencing historical data from the 1960s and 1970s to underscore his position.
According to Hashim, Nigeria’s GDP per capita in 1976 was reportedly three times that of China, while the country’s overall economic output in 1966 was double that of Malaysia. He attributed these outcomes to an era when Nigeria was less influenced by IMF prescriptions.
He stressed that no sovereign nation should unquestioningly adopt IMF policy recommendations, noting that the Fund is not a capital investor and that its projections should not be treated as the primary yardstick for national economic success.
Hashim maintained that economic performance should be assessed by tangible improvements in citizens’ living standards rather than headline growth figures. In this context, he dismissed the Federal Government’s celebration of a four percent GDP growth rate, describing it as insufficient given what he characterised as substantial economic erosion over the past decade.
He argued that Nigeria’s GDP declined from approximately $574 billion in 2014 to about $230 billion currently, contending that incremental growth cannot credibly be presented as progress until the economy exceeds its 2015 baseline.
Drawing comparisons with the administration of former President Olusegun Obasanjo, Hashim noted that Nigeria experienced consistent economic expansion between 1999 and 2003, with growth accelerating from 5.5 percent in 2000 to about 9.5 percent by 2003. He insisted that, despite acknowledged shortcomings, the PDP’s record across key sectors surpassed that of the All Progressives Congress (APC).
The PDP aspirant further criticised the APC-led government’s performance in the power sector, alleging that electricity generation capacity has remained largely stagnant over the past ten years. He also accused the administration of overseeing a significant contraction of the economy rather than expanding national output.
On agriculture, Hashim claimed that Nigeria lost close to $4 billion in productive capital within two years under President Bola Tinubu, attributing the decline to policy interventions he said artificially suppressed food prices, weakened farmers, and disrupted agricultural value chains.
He argued that Nigeria requires sustained double-digit economic growth to restore stability, rather than what he described as marginal gains produced by ineffective reform efforts. He also criticised the continued reliance on currency devaluation as a policy tool, noting that such measures date back to 1986 and lack originality or transformative impact.
Hashim advocated for a bold, Keynesian-style economic stimulus comparable to the New Deal-era policies of U.S. President Franklin D. Roosevelt, warning against what he termed a repetition of failed reform strategies.
Beyond economic issues, Hashim condemned the recent killings in Woro community, Kaiama Local Government Area of Kwara State, where nearly 200 people were reportedly killed, describing the incident as a profound national security breakdown.
He questioned the absence of a timely security response despite the reported proximity of a Nigerian Air Force facility, describing the situation as deeply troubling and raising concerns about potential systemic failure or complicity.
