The Nigerian Presidency has challenged recent statements made by Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), regarding the country's economic performance. Adesina claimed that Nigeria's GDP per capita has declined from 1,847 in 1960 to 824 in 2025, suggesting that Nigerians are economically worse off now than at independence.
In response, Bayo Onanuga, Special Adviser to President Bola Tinubu on Information and Strategy, criticized Adesina's assertions, labeling them as inaccurate and misleading. Onanuga argued that the figures presented by Adesina do not align with official data and fail to consider the complexities of economic development over the decades.
However, data from the International Monetary Fund (IMF) indicates that Nigeria's GDP per capita has indeed experienced a significant decline, dropping from 3,220 in 2014 to835.49 in 2025—a decrease of approximately 74% over the past decade . This downturn reflects challenges such as currency devaluation, inflation, and sluggish economic growth failing to keep pace with population increases.
Economists emphasize that while historical comparisons can be complex due to changes in data collection methods and economic structures, the current economic indicators point to a need for substantial policy reforms. Efforts to diversify the economy, improve infrastructure, and implement effective fiscal policies are essential to reverse the downward trend and enhance the standard of living for Nigerians.
As debates continue over the interpretation of economic data, the focus remains on implementing strategies that foster sustainable growth and development in Nigeria.
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