The President of the African Development Bank, Dr. Akinwumi Adesina, has raised alarm over Nigeria’s worsening economic conditions, warning that the country is experiencing a deeper regression than many realise.
Speaking at the 20th anniversary dinner of investment firm Chapel Hill Denham in Lagos, Adesina revealed that Nigeria’s current GDP per capita stands at $824—less than half the $1,847 recorded at independence in 1960. “Nigerians are worse off than 64 years ago,” he stated in a speech released Thursday.
Adesina stressed the urgency of a complete overhaul of Nigeria’s economic model if the country is to become globally competitive and industrialised by 2050. “Nigeria belongs in the league of developed nations. To get there, we must shift our mindset and pursue rapid economic growth,” he said.
Citing South Korea as a benchmark, Adesina noted that both countries had similar GDP per capita levels in 1960, yet South Korea now boasts an income of over $36,000. He attributed Nigeria’s economic stagnation to decades of policy errors, institutional weaknesses, overdependence on crude oil exports, and chronic underinvestment in critical sectors.
“Underdevelopment should not be accepted as our destiny. We must break free from this pattern,” Adesina warned.
To reverse the decline, the AfDB chief outlined five priority areas: achieving universal electricity access, building world-class infrastructure, accelerating industrialisation, fostering innovation-driven growth, and strengthening agricultural competitiveness.
He pointed to the Dangote Refinery as a positive example of large-scale, private sector-led investment and urged the government to leverage the country’s pension fund assets, diaspora expertise, and capital markets to finance similar transformative projects.
However, Adesina warned that economic reform would fail without strong institutions, policy consistency, and good governance. “The Nigeria of 2050 must be deliberately shaped, developed, corruption-free, and lead the rest of Africa,” he concluded.
