“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.
African Development Bank President Akinwumi Adesina has revealed Nigeria’s alarming economic regression, with per capita income plummeting from
1,847 dollars in 1960 to just 824 dollars today.
Speaking at Chapel Hill Denham’s anniversary dinner, Adesina blamed decades of policy failures, oil dependence, and weak institutions for leaving citizens “worse off than 64 years ago.” He contrasted Nigeria’s decline with South Korea’s rise from poorer beginnings to a $36,000 per capita economy today.
Calling for urgent reforms, Adesina outlined five priorities: universal electricity, infrastructure development, industrialization, innovation, and competitive agriculture. “Underdevelopment should not be accepted as our destiny,” he declared, urging Nigeria to emulate success stories like the Dangote Refinery and transform into an industrial powerhouse by 2050.