*Urges Radical Economic Reform

The President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, has raised alarm over Nigeria’s worsening economic conditions, revealing that Nigerians are economically worse off today than they were at independence in 1960.

Speaking during his keynote address at the 20th anniversary dinner of investment firm Chapel Hill Denham in Lagos on Thursday, Adesina disclosed that Nigeria’s current GDP per capita has dropped to $824 — a stark contrast to $1,847 in 1960.

“Our GDP per capita in 1960 was $1,847. Today, it stands at $824. Nigerians are worse off than 64 years ago,” Adesina lamented in a statement following the event.

Despite Nigeria’s status as Africa’s largest economy by GDP, Adesina criticised the country’s economic model as “deeply flawed and unsustainable,” pointing to decades of poor policy choices, institutional weaknesses, overdependence on crude oil, and chronic underinvestment in key growth sectors.

He contrasted Nigeria’s economic stagnation with South Korea’s meteoric rise. “In 1960, South Korea had a lower GDP per capita than Nigeria. Today, its GDP per capita exceeds $36,000,” he said, calling Nigeria’s prolonged underdevelopment “a failure to harness its potential, not a lack of it.”

Adesina identified five urgent priorities to reposition Nigeria for sustainable growth:

  1. Universal access to electricity
  2. Development of world-class infrastructure
  3. Rapid industrialisation
  4. Innovation-driven growth
  5. Globally competitive agriculture

“We need to radically transform our economic model. Nigeria must become Africa’s industrial powerhouse. To do that, we need more than cosmetic policy changes — we need bold structural reforms,” he asserted.

He highlighted the Dangote Refinery as an example of transformative private sector-led projects and urged the government to tap into Nigeria’s pension funds, diaspora expertise, and capital markets to finance such initiatives.

According to him, the success of any reform agenda depends on strong institutions, policy consistency, and good governance. Without these, Adesina warned, Nigeria risks continuing on a trajectory of missed opportunities and deepening poverty.

“The Nigeria of 2050 must be deliberately shaped, corruption-free, and ready to lead Africa,” he concluded.

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