The Presidency has faulted the recent claim by Akinwumi Adesina, the outgoing President of the African Development Bank (AfDB), on Nigeria’s GDP per capita.
In a recent report, Adesina was quoted as saying that Nigerians today are worse off than they were in 1960.
The AFDB chief was also reported to have said that Nigeria’s GDP per capita in 1960 was $1847 and $824 in 2025.
Reacting, the Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga,. …CONTINUE READING
In a statement on Monday, tackled Adesina, saying the figures he quoted are not correct. …CONTINUE READING
Onanuga blasted Akinwumi, saying his conclusions were based on inaccurate figures and an incomplete understanding of Nigeria’s economic progress.
According to him, significant progress has been made in various sectors since 1960.
Dismissing Adesina’s claim, Onanuga said Nigeria’s GDP was $4.2 billion in 1960, and per capita income for a population of 44.9 million was $93 — ninety-three, not even one hundred dollars.
He said, “Our country’s GDP did not rise remarkably until the 1970s, when crude earnings ballooned. In 1970, our GDP rose to $12.55 billion. In 1975, it was $27.7 billion, $64.2 billion in 1980, and $164 billion in 1981. Up until 1980, per capita income did not exceed $880. It rose to $2187 in 1981 and dropped to $1844 in 1982. In 2014, after rebasing, it reached an all-time high of $3,200. These facts raise questions about the source of Dr Adesina’s figures.”
Although the presidential aide said his response is not aimed at poking holes in Adesina’s figures, he aimed a dig at him, saying the African banking president “Spoke like a politician, in the mould of Peter Obi and did not do due diligence before making his unverifiable statement.”
CORRECTION: AKINWUMI ADESINA’S CLAIMS ON NIGERIA’S GDP PER CAPITA: THE FACTS TELL A DIFFERENT STORY
A few days ago, outgoing AfDB President Akinwumi Adesina claimed that Nigerians today are worse off than in 1960, basing his conclusion on figures that do not align with… pic.twitter.com/EyS7pHiXVL
— Bayo Onanuga (@aonanuga1956) May 5, 2025
The statement reads in part, “My mission in this response is not to poke holes in the erudite African banking president’s figures. The more substantive issue lies in Dr. Adesina’s conclusion based on these numbers.
Dr Adesina should know that GDP per capita is not the only criterion used to determine whether people live better lives now than in the past. Indeed, it is a poor tool for assessing living standards. Its primary usefulness is in giving us the metrics to compare economic output in a country or between countries.”
The presidency added that GDP per capita does not indicate whether Nigerians in 2025 will enjoy better access to healthcare, education, and transportation, such as rail and air transport, than in 1960.
This premise, according to the Presidency, suggests why Dr Adesina should not have arrived at his conclusion.
“No objective observer can claim that Nigeria has not made progress since 1960. Today, as we await the NBS’s recalibration of our GDP, we can comfortably say without contradiction that it is at least 50 times, if not 100 times, more than it was at Independence. Adesina spoke like a politician, in the mould of Peter Obi and did not do due diligence before making his unverifiable statement,” the Presidency said
