The President of the African Development Bank (AfDB), Dr Akinwumi Adesina, has raised alarm over Nigeria’s deteriorating economic situation, stating that the average Nigerian is now worse off than they were at the time of independence in 1960.
Adesina made the remarks in a statement on Thursday, following his keynote address at the 20th anniversary dinner of investment firm Chapel Hill Denham, held in Lagos.
Nigeria, once Africa’s largest economy, has relinquished its top position to South Africa and now ranks fourth on the continent, with a projected GDP of $188.27 billion in 2025, according to the International Monetary Fund (IMF).
Despite its size and potential, Nigeria’s economic challenges have deepened, with per capita income dropping significantly over the decades, leaving citizens worse off than they were at independence.
“Our GDP per capita in 1960 was 1,847 dollars. Today, it stands at 824 dollars. Nigerians are worse off than 64 years ago,” he stated.
Adesina pointed to poor fiscal discipline, inconsistent policies, weak governance, and overreliance on oil as key factors behind Nigeria’s economic decline.
He further drew a striking comparison between Nigeria and South Korea, noting that while South Korea had a lower GDP per capita in 1960, it has since surged to $36,000.
“Nigeria belongs in the league of developed nations. To get there, we must shift our mindset and pursue rapid economic growth,” he said.
A blueprint for economic recovery
He urged Nigerian leaders to end oil dependence and invest in technology, industry, and innovation to build a resilient economy.
As a path forward, Adesina outlined five strategic priorities: universal access to electricity, investment in quality infrastructure, rapid industrialisation, innovation-led growth, and a globally competitive agricultural sector.
He emphasized the urgency for Nigeria to position itself as Africa’s leading industrial powerhouse, highlighting the Dangote Refinery as a transformative model of what is possible with bold ambition and execution.
