The President of the African Development Bank (AfDB), Dr Akinwumi Adesina, has warned that Nigeria is facing a deeper economic regression than many realise, stating that with a current GDP per capita of just $824, Nigerians are significantly worse off than they were at independence in 1960.
Adesina made these remarks in a statement issued Thursday following his keynote address at the 20th anniversary dinner of investment firm Chapel Hill Denham in Lagos.
He stressed the need for Nigeria to radically transform its economic model to become a globally competitive and industrialised nation by 2050.
“Our GDP per capita in 1960 was $1,847. Today, it stands at $824. Nigerians are worse off than 64 years ago,” Adesina declared.
According to him, despite being Africa’s largest economy in terms of GDP, Nigeria’s economic structure remains deeply flawed and unsustainable.
He attributed the nation’s economic decline to decades of policy missteps, institutional weaknesses, over-reliance on crude oil exports, and chronic underinvestment in key sectors.
“Nigeria belongs in the league of developed nations. To get there, we must shift our mindset and pursue rapid economic growth,” he said.
Adesina contrasted Nigeria’s trajectory with that of South Korea, which had a lower GDP per capita than Nigeria in 1960 but has since grown into a global industrial leader, now boasting a per capita income of over $36,000. He warned that Nigeria’s continued lag in development is not due to a lack of potential, but a failure to harness it.
“Underdevelopment should not be accepted as our destiny. We must break free from this pattern,” he insisted.
Nigeria needs urgent, bold structural reforms
The AfDB chief laid out five urgent priorities to reposition Nigeria’s economy: universal access to electricity, development of world-class infrastructure, rapid industrialisation, innovation-driven growth, and competitive agriculture.
He noted that Nigeria’s economic future depends on adopting bold, structural reforms that go beyond cosmetic policy changes.
“We need to invest in technology, infrastructure, and innovation. We must become Africa’s industrial powerhouse,” Adesina said.
He cited the Dangote Refinery as an example of the kind of large-scale, private sector-led industrial project that could signal a new economic direction.
According to him, Nigeria should leverage its massive pension fund assets, diaspora expertise, and capital markets to fund such transformative initiatives.
Adesina also pointed out that for any reform to succeed, it must be accompanied by strong institutions, policy consistency, and good governance.
He warned that without a credible reform agenda, Nigeria will continue to miss out on global opportunities and fail its growing population.
“The Nigeria of 2050 must be deliberately shaped, developed, corruption-free, and lead the rest of Africa,” he concluded.
