Nigerians now earning less than in 1960, with GDP per capita at $824, underscores the nation’s economic decline and the pressing call for transformative reforms.
Nigerians now earning less than in 1960 face a deepening economic crisis, according to Dr. Akinwumi Adesina, President of the African Development Bank (AfDB).
Speaking at the 20th anniversary dinner of Chapel Hill Denham in Lagos, Adesina revealed that Nigeria’s GDP per capita has plummeted to $824, a stark decline from the $1,847 recorded at independence in 1960.
He emphasized that this regression indicates that Nigerians are worse off today than they were 64 years ago.
Adesina attributed this economic downturn to decades of policy missteps, institutional weaknesses, over-reliance on crude oil exports, and chronic underinvestment in key sectors.
He stressed that Nigeria’s economic structure remains deeply flawed and unsustainable, despite being Africa’s largest economy in terms of GDP.
Drawing comparisons with South Korea, Adesina noted that both countries had similar GDP per capita in 1960.
However, South Korea has since transformed into a global industrial leader, boasting a per capita income of over $36,000.
He warned that Nigeria’s continued lag in development is not due to a lack of potential but a failure to harness it effectively.
To address these challenges, Adesina outlined five urgent priorities to reposition Nigeria’s economy
He highlighted the Dangote Refinery as an example of the kind of large-scale, private sector-led industrial project that could signal a new economic direction.
Adesina also emphasized the need for Nigeria to leverage its massive pension fund assets, diaspora expertise, and capital markets to fund transformative initiatives.
He pointed out that for any reform to succeed, it must be accompanied by strong institutions, policy consistency, and good governance.
In conclusion, Adesina urged Nigerian leaders to end oil dependence and invest aggressively in technology, industry, and innovation to build a resilient economy.
He declared, “Underdevelopment should not be accepted as our destiny. We must break free from this pattern.”
