Presidency knocks AfDB Boss Adesina over comments on Nigeria’s GDP per capita

The Presidency has refuted claims by the outgoing President of the African Development Bank (AfDB), Akinwumi Adesina, that Nigerians today are worse off than in 1960.

Adesina was quoted to have claimed that Nigeria’s GDP per capita in 1960 was $1847 and $824 in 2025.

According to the Special Adviser to the President on Information and Strategy, Bayo Onanuga, in a statement on Monday, he stated that no objective observer can claim that Nigeria has not made progress since 1960.

Refuting Adesina’s assertion, Onanuga stated that in 1960, Nigeria’s GDP stood at $4.2 billion, with a per capita income of just $93 for a population of 44.9 million, barely reaching one hundred dollars per person.

Onanuga further stated that significant progress has been made in various sectors since 1960, and Adesina’s conclusions were based on inaccurate figures and an incomplete understanding of Nigeria’s economic progress.

Onanuga’s statement reads:

“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 available data.

“According to Nairametrics, he claimed that Nigeria’s GDP per capita in 1960 was $1847 and that it is $824 today. The quoted figures are not correct.

“According to available data, our country’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.

“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.

“But 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.

“GDP masks many activities in a country’s economy. It neither discloses wealth distribution or income inequality nor accounts for the informal economy, which experts have said is enormous. It does not account for subsistence farming or income transfer from one family member to another.

“GDP per capita is silent on whether Nigerians in 2025 enjoy better access to healthcare, education, and transportation, such as rail and air transport than in 1960.” [CONTINUE READING HERE]>>>>