The President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, has issued a stark warning about Nigeria’s deepening economic troubles, stating that with the current GDP per capita standing at just $824, Nigerians are economically worse off than they were at independence in 1960.
This statement was released on Thursday following his keynote address at the 20th-anniversary dinner of Chapel Hill Denham, an investment firm based in Lagos.
Dr. Adesina emphasized the urgency for Nigeria to completely overhaul its economic structure in order to become a globally competitive and industrialized economy by the year 2050.
“Our GDP per capita in 1960 was $1,847. Today, it stands at $824. Nigerians are worse off than 64 years ago,” Adesina stated.
Although Nigeria retains its title as Africa’s largest economy in terms of total GDP, he pointed out that its economic foundation remains fragile and unsustainable.
He identified the root causes of the country’s economic backslide as decades of poor policy decisions, weak institutions, an overdependence on crude oil exports, and chronic underinvestment in critical sectors.
“Nigeria belongs in the league of developed nations. To get there, we must shift our mindset and pursue rapid economic growth,” he added.
Adesina compared Nigeria’s economic path with that of South Korea, which had a lower GDP per capita in 1960 but has since transformed into a global industrial powerhouse with a per capita income exceeding $36,000. He argued that Nigeria’s persistent developmental lag is not due to a lack of capacity but rather the failure to harness its abundant potential.
Underdevelopment should not be accepted as our destiny. We must break free from this pattern,” he insisted.
Dr. Adesina outlined five critical areas that need immediate attention to reposition Nigeria’s economy: ensuring universal electricity access, building world-class infrastructure, accelerating industrialization, fostering innovation-led growth, and developing a globally competitive agricultural sector.
He stressed that cosmetic policy adjustments would no longer suffice, and Nigeria must embrace comprehensive, structural reforms.
“We need to invest in technology, infrastructure, and innovation. We must become Africa’s industrial powerhouse,” he emphasized.
He cited the Dangote Refinery as a prime example of the type of large-scale, private sector-driven industrial project that could chart a new course for Nigeria’s economy.
Additionally, Adesina highlighted the importance of utilizing the country’s substantial pension funds, tapping into the expertise of the Nigerian diaspora, and leveraging capital markets to finance transformative projects.
He also cautioned that reform efforts will only succeed if they are built on strong institutions, consistent policies, and transparent governance.
“The Nigeria of 2050 must be deliberately shaped, developed, corruption-free, and lead the rest of Africa,” he concluded.
– parallelfacts
So, no be only Peter Obi dey demarket Nigeria with truth and facts?