The Nigerian Presidency has strongly rejected recent assertions by African Development Bank (AfDB) President Dr. Akinwumi Adesina, who claimed that Nigerians are economically worse off today than they were at independence in 1960. Adesina had stated that Nigeria’s GDP per capita dropped from $1,847 in 1960 to $824 in 2024, painting a bleak picture of economic regression.
In a rebuttal issued on Sunday, May 4, 2025, Bayo Onanuga, spokesperson for President Bola Ahmed Tinubu, accused Adesina of making unverifiable statements without proper due diligence. Onanuga said Adesina “spoke like a politician, in the mould of Peter Obi,” referring to the former presidential candidate known for critical economic narratives.
Presidency Challenges Adesina’s Figures and Methodology
The Presidency disputed the GDP per capita figures cited by Adesina, pointing out that Nigeria’s GDP in 1960 was approximately $4.2 billion with a population of about 44.9 million, which translates to a per capita income of only $93-not the $1,847 claimed by Adesina.
Tracing Nigeria’s economic history, the statement highlighted that significant GDP growth occurred in the 1970s with the oil boom:
- 1970 GDP: $12.55 billion
- 1975 GDP: $27.7 billion
- 1980 GDP: $64.2 billion
- 1981 GDP: $164 billion
Per capita income remained below $880 until 1980, rising to $2,187 in 1981 and peaking at $3,200 in 2014 after a rebasing exercise.
Onanuga questioned the source of Adesina’s figures and emphasized that GDP per capita alone is an inadequate measure of Nigerians’ wellbeing. He argued that GDP statistics do not account for wealth distribution, income inequality, the informal economy, subsistence farming, or intra-family income transfers.
Broader Indicators Show Progress Since 1960
The Presidency further noted that Nigerians today enjoy better access to healthcare, education, transportation, and telecommunications compared to 1960. For example:
- At independence, Nigeria had only 18,724 operational telephone lines for a population of 45 million. Today, over 200 million Nigerians have near-universal access to mobile phones and digital services.
- The country now has more primary, secondary, and tertiary schools, expanded road networks, and more medical facilities both public and private.
These improvements, the Presidency argued, reflect progress that GDP per capita figures alone fail to capture.
Call for Nuanced Economic Analysis
Onanuga urged analysts and policymakers to adopt a more nuanced approach when assessing Nigeria’s development, cautioning against relying solely on GDP per capita as a proxy for living standards.
He also cited the example of telecom companies like MTN, which entered the Nigerian market despite initial skepticism based on GDP metrics, demonstrating that conventional economic indicators can underestimate real economic potential.
This rebuttal underscores the Tinubu administration’s stance that Nigeria has made significant economic and social progress since independence, and it challenges the narrative that Nigerians are worse off today compared to 1960.
Sources: Sahara Reporters1, Nairametrics25, Daily Trust3, Premium Times4, Leadership.ng6, PM News Nigeria7