Nigerians worse off than in 1960, says AfDB President Adesina

• Published On: 04 May 2025 at 03:55

Dr. Akinwumi Adesina, President of the African Development Bank, has expressed concern over Nigeria's deteriorating economic situation, saying that the country is facing a deeper relapse than many understand.

Speaking at the 20th anniversary dinner of investment firm Chapel Hill Denham in Lagos, Adesina disclosed that Nigeria's current GDP per capita is $824, less than half of the $1,847 reported at independence in 1960. "Nigerians are worse off today than they were 64 years ago," he said in a speech released Thursday.

Adesina emphasised the importance of completely overhauling Nigeria's economic model if the country is to become globally competitive and developed by 2050. "Nigeria belongs in the League of Developed Nations. To get there, we must change our thinking and prioritize rapid economic growth," he stated.

Adesina used South Korea as a standard, noting that both countries had similar GDP per capita levels in 1960, but South Korea currently has an income of more over $36,000. He blamed Nigeria's economic stagnation on decades of policy mistakes, institutional flaws, overreliance on crude oil exports, and chronic underinvestment in important industries.

"Underdevelopment cannot be recognized as our destiny. "We must break free from this pattern," Adesina cautioned.

To reverse the slide, the AfDB chief identified five priority areas: attaining universal access to energy, developing world-class infrastructure, boosting industrialization, supporting innovation-driven growth, and strengthening agricultural competitiveness.

He cited the Dangote Refinery as a successful example of large-scale, private sector-led investment and urged the government to use the country's pension fund assets, diaspora expertise, and financial markets to support such transformative enterprises.

However, Adesina cautioned that economic transformation would fail in the absence of robust institutions, policy consistency, and decent governance. "The Nigeria of 2050 must be deliberately shaped, developed, corruption-free, and lead the rest of Africa," according to his conclusion.