The Nigerian Presidency has pushed back against recent comments by African Development Bank (AfDB) President, Dr. Akinwumi Adesina, over the country’s economic trajectory and GDP performance since independence.
Speaking at an event hosted by investment firm Chapel Hill Denham in Lagos, Adesina lamented Nigeria’s economic stagnation, comparing it unfavorably with Asian countries like South Korea.
He claimed Nigeria’s GDP per capita stood at $1,847 in 1960, but has declined to $824 today, suggesting that citizens were economically better off at independence.
In a swift rebuttal, President Tinubu’s Special Adviser on Strategy and Communication, Bayo Onanuga, challenged the accuracy of Adesina’s figures, describing them as misleading and inconsistent with verified economic data.
“Contrary to Dr. Adesina’s claims, Nigeria’s GDP in 1960 was $4.2 billion, with a population of 44.9 million. This gives a per capita income of just $93, not $1,847,” Onanuga stated.
He added that Nigeria’s economic expansion began notably in the 1970s, driven by oil revenues. GDP figures rose to $12.55 billion in 1970 and $64.2 billion by 1980, with per capita income reaching $2,187 in 1981 before dropping in subsequent years.
Onanuga also argued that GDP alone does not capture the full picture of national development, citing improvements in infrastructure, education, healthcare, and business. He pointed to MTN Nigeria’s ₦1 trillion revenue in Q1 2025 as evidence of economic vitality and private sector growth.
The exchange underscores ongoing debates about Nigeria’s economic past and present, and how best to measure real progress for its citizens.