Akinwumi Adesina, president of the African Development Bank (AFDB), said that Nigeria’s per capita income has dropped significantly, making citizens poorer than in 1960.
Adesina announced his keynote speech at the 20th anniversary dinner of Chapel Hill Denham in a statement Thursday, May 1.
He said that by 2050, Nigeria urgently needs to change its economy to become a developed country.
“Nigeria belongs to the alliance of developed countries. To get there, we have to change our mindset and pursue rapid economic growth,” he said.
Adesina blames Nigeria’s economic decline on decades of policy failures, weak institutions and reliance on crude oil exports.
“In 1960, our GDP per capita was $1,847. Today, it is priced at $824. Nigerians are worse than they were 64 years ago.”
He determined that fiscal discipline, inconsistent policy, weak governance and lack of economic diversification were key drivers of return.
Adesina compared Nigeria’s economic performance with South Korea, which showed a lower per capita GDP in 1960 but is now at $36,000.
The head of the AFDB called for a complete policy overhaul and a stronger body, warning that Nigeria would continue to lag without bold reforms.
He urged Nigerian leaders to end their oil dependence and invest in technology, industry and innovation to build a resilient economy.
“Undevelopment should not be accepted as our destiny. We must get rid of this pattern,” he said.
As a way forward, Adesina outlines five priorities: universal power, quality infrastructure, rapid industrialization, innovation-driven growth and competitive agriculture.
He stressed the need for Nigeria to become an industrial power in Africa, citing the Dangote refinery as a transformative example.
