The Nigerian Presidency has pushed back against recent remarks by Dr. Akinwumi Adesina, outgoing President of the African Development Bank (AfDB), regarding the country’s economic performance since independence.
In a recent report, Adesina was quoted as saying that Nigerians are worse off now than in 1960, citing figures that placed Nigeria’s GDP per capita at $1,847 in 1960 compared to $824 in 2025.
Reacting on Monday, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, challenged Adesina’s statistics, describing them as inaccurate and misleading. According to Onanuga, the figures used by the AfDB chief do not reflect the true trajectory of Nigeria’s economic development.
He clarified that Nigeria’s GDP in 1960 was approximately $4.2 billion, with a population of about 44.9 million, putting per capita income at just $93—not $1,847 as claimed by Adesina.
Onanuga noted that it wasn’t until the oil boom of the 1970s that Nigeria’s GDP began to rise significantly. He cited historical data showing growth to $12.55 billion in 1970, $27.7 billion in 1975, $64.2 billion in 1980, and a peak of $164 billion in 1981. Per capita income, he said, remained under $880 until 1980, hitting a high of $3,200 in 2014 after GDP rebasing.
While Onanuga said his intent was not to discredit Adesina personally, he criticized the AfDB president for drawing conclusions “without due diligence,” comparing his rhetoric to that of opposition figures like Peter Obi.
“GDP per capita is not a reliable sole indicator of living standards,” Onanuga argued, adding that it does not account for improvements in healthcare, education, infrastructure, or transportation.
He maintained that Nigeria has made substantial progress since independence and dismissed Adesina’s remarks as overly political and unsupported by reliable data.
“No objective observer can deny that Nigeria has advanced in many areas since 1960. Dr. Adesina’s assertion fails to acknowledge these gains and appears politically motivated,” Onanuga concluded.
