NewStats: 3,264,778 , 8,184,688 topics. Date: Thursday, 12 June 2025 at 11:06 AM 271xq

"Nigeria’s GDP per capita falls to $824, worse than 1960 levels" - Akinwumi Adesina

The President of the African Development Bank (AfDB), Dr Akinwumi Adesina, has warned that Nigeria is facing a deeper economic regression than many realize, stating that with a current GDP per capita of just $824, Nigerians are significantly worse off than they were at independence in 1960.

Adesina made these remarks in a statement issued Thursday following his keynote address at the 20th anniversary dinner of investment firm Chapel Hill Denham in Lagos.

He stressed the need for Nigeria to radically transform its economic model to become a globally competitive and industrialised nation by 2050.

“Our GDP per capita in 1960 was $1,847. Today, it stands at $824. Nigerians are worse off than 64 years ago,” Adesina declared.

According to him, despite being Africa’s largest economy in of GDP, Nigeria’s economic structure remains deeply flawed and unsustainable.

He attributed the nation’s economic decline to decades of policy missteps, institutional weaknesses, over-reliance on crude oil exports, and chronic underinvestment in key sectors.

“Nigeria belongs in the league of developed nations. To get there, we must shift our mindset and pursue rapid economic growth,” he said.

Adesina contrasted Nigeria’s trajectory with that of South Korea, which had a lower GDP per capita than Nigeria in 1960 but has since grown into a global industrial leader, now 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.

“Underdevelopment should not be accepted as our destiny. We must break free from this pattern,” he insisted.

Nigeria needs urgent, bold structural reforms
The AfDB chief laid out five urgent priorities to reposition Nigeria’s economy: universal access to electricity, development of world-class infrastructure, rapid industrialisation, innovation-driven growth, and competitive agriculture.

He noted that Nigeria’s economic future depends on adopting bold, structural reforms that go beyond cosmetic policy changes. “We need to invest in technology, infrastructure, and innovation. We must become Africa’s industrial powerhouse,” Adesina said.

He cited the Dangote Refinery as an example of the kind of large-scale, private sector-led industrial project that could signal a new economic direction.

According to him, Nigeria should leverage its massive pension fund assets, diaspora expertise, and capital markets to fund such transformative initiatives.

Adesina also pointed out that for any reform to succeed, it must be accompanied by strong institutions, policy consistency, and good governance. He warned that without a credible reform agenda, Nigeria will continue to miss out on global opportunities and fail its growing population.

“The Nigeria of 2050 must be deliberately shaped, developed, corruption-free, and lead the rest of Africa,” he concluded.

More Insights
Nigeria is home to 19% of the extremely poor population in sub-Saharan Africa, the highest share across the region, according to the World Bank’s April 2025 Africa’s Pulse report.
That more than 1 in every 7 of the world’s poorest people lives in Nigeria raises urgent questions about the country’s development path.

The World Bank revealed that the region ed for 80% of the world’s 695 million extremely poor people in 2024.

https://nairametrics.com/2025/05/02/nigerias-gdp-per-capita-falls-to-824-worse-than-1960-levels-afdb-president-adesina/

Updated.....Apr 2025 🇳🇬GDP per capita by Government
Obasanjo in 1999: $481.95
Obasanjo in 2007: $1,790

Yar'Adua in 2007: $1,790
Yar'Adua in 2010: $2,330

Jonathan in 2010: $2,330
Jonathan in 2015: $2,720

Buhari in 2015: $2,720
Buhari in 2023: $1,640

Tinubu in 2023: $1,640
Tinubu in 2025*: $807
*Projected
#Statisense. (IMF WEO Apr 2025)

🇳🇬NIGERIA'S GDP GROWTH RATE SINCE 1999
🏛OBASANJO
1999: 0.52%
2000: 5.52%
2001: 6.67%
2002: 14.60%
2003: 9.50%
2004: 10.44%
2005: 7.01%
2006: 6.73%

🏛YAR'ADUA
2007: 7.32%
2008: 7.20%
2009: 8.35%

🏛JONATHAN
2010: 11.26%
2011: 4.89%
2012: 4.28%
2013: 5.39%
2014: 6.31%

🏛BUHARI
2015: 2.65%
2016: -1.62% [Recession]
2017: 0.81%
2018: 1.92%
2019: 2.21%
2020: -1.79% [Recession]
2021: 3.65%
2022: 3.25%

🏛TINUBU
2023: 2.86%
2024: 3.43%
2025: 3.04% [Projected]
#Statisense (IMF WEO Apr 2025)

More than 1 in every 7 of the world’s poorest people lives in Nigeria raises urgent questions about the country’s development path.

Nigeria is home to 19% of the extremely poor population in sub-Saharan Africa, the highest share across the region, according to the World Bank’s April 2025 Africa’s Pulse report.

The World Bank revealed that the region ed for 80% of the world’s 695 million extremely poor people in 2024.

This is where the clueless Tinubu's agbadorian emilokan economics have landed Nigeria. Meanwhile, Akinwumi Adesina is demarketing Nigeria for saying the reality as it is according to the lying government

Guess the deadbeat mummified zombies ing this accursed government can fathom out the bleak economic reality staring this nation today?

"Nah statistics we go chop"? Now, they are posting fake statistics to do damage control with the good statistics they have destroyed. What a band of people.

Tinubu dun finish this country

It's below this in the real economy. Alot of people are suffering


They pegged inflation rate at 25% this year, but prices of things have doubled.

They will come for him now.

TUluMbU goons will say why is Adesina demarketing Nigeria, In fact, He's iPod.

Oya make una come attack Adesina....anyone who says negative about Nigeria is an enemy of d state....useless hypocrites everywhere

Racoon:


https://nairametrics.com/2025/05/02/nigerias-gdp-per-capita-falls-to-824-worse-than-1960-levels-afdb-president-adesina/

Make tinubu nor hear this man o.

Where are the bots?

Tinubu’s senseless economic policies and widespread corruption has destroyed the economy of Nigeria. Families are struggling to eat, can no longer afford basic necessities. Children are no longer going to school cos parents can't afford school fees.
The earlier Tinubu is removed from office the better for the country, it's not getting better but will only get worse with Tinubu.
There will be jubilation everywhere in Nigeria the day Tinubu is removed from office

You can't hide from reality

God punish APC

For many years I warned that APC will take us back to pre independence times ..this things are not hard to see ..

Again I predict if APC is allowed to get second term Nigeria will become an apocalyptic state worse than combination of Somalia and Haiti

Tinubu's media team and ers are mainly concerned with pushing fake data.

Everything tulumbu and apc touch, dies.

Tinubu will handle the economy while Shetima will handle the security! Builder of Lagos

We only need his brain and na statistics we go chop

APC e-rats and Miscreants over to you

When we said it, they called us name. They even renamed our clan. APC failed woefully, but people because of SELFISH reasons dont see anything wrong.

Anybody born of Woman who promotes this particular PBAT led istration asides from going for a psychiatric evaluation needs atonement with a supreme being.

Measures like adopting Propaganda, appointing the highest number of PR, publicist and conmen to push half-truth stats and data end up with this realistic outcomes.

Subsidy is indeed gone !

2027 is a no-brainer.

God keep us alive.

Oya Tinubu ers come.and insult him for "demarketing Nigeria".

Shameless lots

They'd keep mute over this. They don't want to hear the truth, both the self-acclaimed Mr architect of modern lagos and his ers. There are several indices that will nail tinubu in 2027 and the economy is one of them. We know he's strategising on rigging and he will meet Nigerians there this time.

He's been busy heaping up a fight ahead of 2027. He said recently that the economic challenge is a global phenomenon, as if Benin republic whose weak currency before tinubu took office has now overtaken naira in value, isn't also feeling the same global economic hardship.

I hope they'd not start investigating Mr Adesina and his activities when he was minister of agriculture or ask the efcc to go and arrest his uncle or cousin in ogun state or demolish his house because he built on the right of way . It's only in his regime that politics of hate is at play. He doesn't like hearing the truth.

Na statistics we go chop

Words have meaning. We refused to have people who can debate and share their agenda, we allowed them skip debates, appoint other people to speak for them and dance at townhalls.

papyjaypaul:


https://www.youtube.com/watch?v=PmnSClIkNNc?

This speech by Tinubu is so funny that it is the best answer to the topic.

"Wrong arithmetic, wrong statistics, warehouse ecomomy, that's not what Nigeria needs"

The Jagaban is right

Tinubunomics! Reno Omokri AKA Wendell Simlin please come and change the narratives.

APC wahala

E no go better for any APC tribalist that tries to justify this.

Yes na, why not?
When of all living things in Nigeria, they decided to bring in the druggie master, someone who is not even sure if he went to school or not...
Now, look at it.

SarkinYarki:
God punish APC

The same powerful God who sat back and watched as Tinubu forced himself on us, despite our prayers and efforts… DREAM ON.

Some of You are fools

GDP that was being subsided by Foreign reserve

There is no money in the foreign reserve to give fake strength to naira against dollar anymore

This is the first time that we are seeing the actual value of naira against dollar

DropsMic:


Dreamm in

If you don't pity yourself at least pity your loved ones

Oturugbeke

It is finished!

Tinubu, master strategist with no strategy