Akinwumi Adesina, President of the African Development Bank (AfDB), said Nigeria’s per capita income has dropped significantly, making citizens poorer than they were in 1960.
Adesina made the known in a statement on Thursday, May 1, following his keynote address at Chapel Hill Denham’s 20th anniversary dinner.
He said Nigeria urgently needs to transform its economy to become a developed country by 2050.
He said: “Nigeria belongs in the league of developed nations. To get there, we must shift our mindset and pursue rapid economic growth.”
Adesina blamed Nigeria’s economic decline on decades of policy failures, weak institutions, and dependence on crude oil exports.
“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.
He identified poor fiscal discipline, policy inconsistency, weak governance, and lack of economic diversification as key drivers of the regression.
Adesina compared Nigeria’s economic performance with South Korea, whose GDP per capita was lower in 1960 but now stands at 36,000 dollars.
The AfDB chief called for a complete policy overhaul and stronger institutions, warning that without bold reforms, Nigeria would continue to fall behind.
He urged Nigerian leaders to end oil dependence and invest in technology, industry, and innovation to build a resilient economy.
“Underdevelopment should not be accepted as our destiny. We must break free from this pattern,” he said.
As the way forward, Adesina outlined five priorities: universal electricity, quality infrastructure, rapid industrialisation, innovation-driven growth, and competitive agriculture.
He stressed the need for Nigeria to become an African industrial powerhouse, citing the Dangote Refinery as a transformative example.
