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IMF ranked Nigeria 27th best economy in the world, not 25th

Claim: Some users on Facebook and Twitter claim that the IMF has rated Nigeria as the 25th best economy out of 195 countries in the world.

IMF’s Data received through Dataphyte reveals that  Nigeria is not ranked as the 25th best economy in the world. Rather, it is currently ranked 27th largest economy in the world. Therefore, the claim is false.

Full Text

Established in 1944, the International Monetary Fund (IMF) is an (international) organization that is made up of 190 countries – which is “near-global membership.” With its headquarters at Washington, the organization works to foster global economic development, financial stability, and to facilitate international trade and reduce poverty among member countries.

The IMF, through its continuous monitoring, gathers data on national (and global) economies. Furthermore, it constantly provides and updates economic forecasts at the national and global level. These forecasts are published in the World Economic Outlook. In addition, the IMF supports its member countries with loans and capacity development.

Recently, a Facebook post has been widely shared with a claim that the International Monetary Fund (IMF) has said that Nigeria is now rated 25th best economy in the world. And beneath the post is an assertion that Nigeria was at no. 150 during PDP’s regime.

The viral claim on Facebook

Further Facebook search by DUBAWA also revealed that this same post has been repeatedly posted in a different format but with same narrative. One even alleged that both Channels and AIT televisions will not report “this good news.”

It reads:

“BREAKING! Nigeria Now Rated 25th Best Economy in The World Out of 195 Countries. Channels and AIT Won’t Report this good news.”

The post, in another format.

Not only has this post been widely circulated by Facebook users, it has also been tweeted by Fortunate Ayoade who repeated the same narrative.

The circulating claim on Twitter

Asides the questions, some users have raised over the credibility of the information, the claim has also generated different kinds of debate and banter among political loyalists on Facebook.

Similar claim

The 2023 election is not too far,  and as usual, this season usually comes along with wild claims that sometimes form part of a major public controversy. 

Verification

As striking as the claim appears, DUBAWA discovered that such news has not been reported by any media outlet.

However, a story that looks similar  was published on December 29, 2020 by Nigerian Tribune. It reported Nigeria’s economy to have been ranked 1st in Africa and 26th in the world by the International Monetary Fund (IMF).

To further establish this fact,  DUBAWA contacted Dataphyte through an email. Dataphyte is a “media research and data analytics organization with the mission to deploy data tools and technology for the socio-economic development of Nigeria.”

Based on the available GDP data of IMF, Dataphyte confirmed that Nigeria is not currently ranked 25th best economy in the world. However, they added that it has never been  rated below 50th throughout the 16 years regime of the PDP.

Dataphyte, however, mentioned that its submission “is based on two of the most referenced IMF ranking methods (a) Gross domestic product, based on current prices in Billions (U.S. dollars) AND (b) Gross Domestic Product, based on the Purchasing Power Parity (PPP)”. 

Also, the organization attached Nigeria’s ranking and GDP values for the period of 1999 to 2022, as more information on the data.

Nigeria’s GDP ranking, based on IMF’s estimate 1999 – 2022. Source: Dataphyte.

IMF Data received through Datapyte reveals that  Nigeria is not ranked as the 25th, rather, it is currently ranked 27th largest economy in the world.

Conclusion

The claim that Nigeria was recently rated 25th best economy in the world is not true. Also, the assertion that Nigeria’s economy was rated 150 during PDP’s regime is false. Data provided by Dataphyte revealed that Nigeria has never been ranked below 50 between 1999 and 2022.

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