By Abiola Olawale
Dr Akinwumi Adesina, President of the African Development Bank (AfDB), has raised serious concerns over what he described as Nigeria’s deepening economic crisis.
This as the AfDB boss stated that Nigeria’s GDP per capita has nosedived to $824, a level significantly lower than its $1,847 at independence in 1960.
Speaking at the 20th-anniversary dinner of Chapel Hill Denham in Lagos, Adesina described Nigeria’s economic trajectory as “anaemic” and urged for urgent reforms to avert further decline.
According to Adesina, Nigeria’s GDP per capita has regressed over the past six decades, leaving citizens poorer today than they were at independence.
The AfDB president highlighted that while Nigeria remains Africa’s largest economy by total GDP, its economic structure is “deeply flawed and unsustainable.”
He compared Nigeria’s stagnation to South Korea, which transformed its GDP per capita from $158 in 1960 to $36,132 in 2024, largely due to industrialization and robust domestic savings.
“Our GDP per capita in 1960 was $1,847. Today, it stands at $824. Nigerians are worse off than 64 years ago,” Adesina declared.
Adesina pinpointed several factors fueling Nigeria’s economic regression. He stated that inconsistent policies and weak governance have eroded economic stability.
Also, Adesina explained that Nigeria’s heavy reliance on crude oil exports has stifled diversification.
“Nigeria belongs in the league of developed nations. To get there, we must shift our mindset and pursue rapid economic growth,” he added.
