The Nigerian Presidency disputes AfDB President Akinwumi Adesina’s claim that Nigeria’s GDP per capita has declined since 1960, challenging the accuracy of the data and its implications on living standards.
On May 5, 2025, the Nigerian Presidency responded to recent comments made by Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), regarding Nigeria’s economic progress since independence.
During his presentation Dr. Adesina demonstrated that Nigeria’s annual income per person dropped from $1,847 in 1960 until it reached $824 in 2024 indicating a decrease in quality of life during sixty years.
The presidential spokesperson Bayo Onanuga disputed Dr. Adesina’s figures by declaring them incorrect.
The available data shows that Nigeria’s GDP amounted to $4.2 billion in 1960 when the population reached 44.9 million thus leading to a per capita income calculation that diverges from Dr. Adesina’s figure of $1,847.
The nation experienced major economic expansion during the 1970s because of rising oil revenue which increased GDP from $12.55 billion in 1970 to $164 billion by 1981.
After GDP rebasing the country achieved its highest point of $3,200 per person income in 2014 although per capita income reached its peak at $2,187 in 1981.
The Presidency raised objections against using GDP per capita because it fails to consider major economic factors such as wealth distribution patterns alongside income inequalities and the extensive informal sector in Nigeria.
Onanuga assessed the progress since 1960 by pointing out that Nigeria expanded its infrastructure and healthcare systems and education facilities and telecommunications capabilities.
His analysis demonstrates that the current state of Nigeria surpasses the conditions of the country during its independence era.
The comments from Dr. Adesina ignited a widespread discussion about suitable economic growth performance indicators beyond GDP per capita while the Presidency asked for diversified assessment criteria that include additional indicators.
