Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), has proposed that Nigeria urgently reengineer its economy through bold reforms and strategic investment, warning that the country’s per capita income has fallen to $824 lower than what it was in 1960.
Speaking at the 20th anniversary dinner of investment firm Chapel Hill Denham in Lagos, Adesina sounded the alarm over the country’s economic decline, describing a situation where citizens today are materially worse off than they were at the dawn of independence. In 1960, he noted, Nigeria’s GDP per capita stood at $1,847.
Though Nigeria maintains the title of Africa’s largest economy in terms of overall GDP, Adesina argued that this status conceals serious internal weaknesses: a fragile economic base, decades of inconsistent policies, reliance on crude exports, and underinvestment in critical sectors.
He contrasted Nigeria’s trajectory with that of South Korea, a nation that had lower per capita income than Nigeria in 1960, but has since soared to over $36,000 per person due to industrialization and innovation-driven policies.
“Being underdeveloped isn’t our destiny,” Adesina stated. “What’s missing is decisive, visionary action that transforms potential into progress.”
To steer Nigeria toward prosperity, he outlined five strategic priorities: universal access to electricity, world-class infrastructure, accelerated industrialization, tech-driven innovation, and globally competitive agriculture. He cited the Dangote Refinery as a prime example of the scale and ambition needed to shift Nigeria’s fortunes.
He also urged the mobilization of local financial resources such as pension fund assets and diaspora capital, to finance transformation. However, Adesina emphasized that financing alone won’t suffice. Strong institutions, consistent policies, and transparent governance must anchor any reform agenda.
Without such urgent structural shifts, he warned, Nigeria risks squandering its potential and failing its rapidly growing population, a troubling scenario as the nation races toward 2050.
