Jimoh Ibrahim Urges IMF to Anchor African Economic Projections on Empirical Data

At the IMF/World Bank Spring Meetings in Washington DC, Nigerian Senator and business leader Jimoh Ibrahim emphasized the urgent need for data-driven policymaking across Africa. Representing Ondo South Senatorial District, Ibrahim argued that the lack of comprehensive data is a major hindrance to the continent’s development goals. He highlighted the foundational role of data in addressing socio-economic issues such as poverty, crime, and governance, urging African governments and global institutions to prioritize data collection and infrastructure.

Ibrahim pointed to specific examples, like the need for accurate currency data for monetary planning and electoral data to improve political participation. He warned that within five years, it would be impossible to govern effectively in the absence of reliable data. He further proposed that population and identity data be used to create detailed citizen profiles, enhancing planning and service delivery.

The senator issued a strong call to the IMF, warning against the continued use of superficial projections that are not grounded in solid empirical evidence. He challenged the credibility of economic forecasts generated from limited survey samples, criticizing them as misleading and unfair to African nations. According to Ibrahim, the IMF should insist that loan recipients establish and maintain national data banks to ensure transparency and accountability.

Highlighting Nigeria’s own strides toward data reform, Ibrahim revealed that the proposed Data Bank Bill would soon mandate a centralized, government-backed data infrastructure. He called on the World Bank to support this initiative and encouraged the IMF to only grant loans to countries with operational data banks. His message was clear: sustainable growth in Africa is impossible without a robust data ecosystem backed by meaningful investment and global support.

Source: Guardian