AfDB President Adesina Raises Alarm Over Nigeria’s Deepening Economic Crisis
By Abiola Olawale
Nigeria’s GDP Per Capita Plummets Below Independence Levels
Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), has issued a stark warning about Nigeria’s worsening economic situation, revealing that the country’s GDP per capita has fallen to $824 – significantly lower than its $1,847 level at independence in 1960.
Economic Regression Over Six Decades
Speaking at the 20th-anniversary dinner of Chapel Hill Denham in Lagos, Adesina described Nigeria’s economic performance as “anemic” and called for immediate reforms to prevent further deterioration.
“Our GDP per capita in 1960 was $1,847. Today, it stands at $824. Nigerians are worse off than 64 years ago,” Adesina stated emphatically.
Comparative Analysis With Global Economies
The AfDB president contrasted Nigeria’s stagnation with South Korea’s remarkable economic transformation, which saw its GDP per capita grow from $158 in 1960 to $36,132 in 2024 through industrialization and strong domestic savings.
Structural Flaws in Nigeria’s Economy
Adesina highlighted several critical issues plaguing Nigeria’s economy:
- Inconsistent policies and weak governance undermining economic stability
- Overdependence on crude oil exports stifling diversification
- Failure to industrialize and develop domestic savings
“Nigeria belongs in the league of developed nations. To get there, we must shift our mindset and pursue rapid economic growth,” Adesina urged.
Call for Urgent Economic Reforms
The AfDB president emphasized that while Nigeria remains Africa’s largest economy by total GDP, its economic structure is “deeply flawed and unsustainable,” requiring immediate and comprehensive reforms.
For more details, read the original article on New Diplomat.