Akinwumi Adesina has decried Nigeria’s GDP decline and poor fiscal discipline.
NewsOnline Nigeria reports that Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), has raised concerns about Nigeria’s economic trajectory, highlighting that the nation’s GDP per capita has declined from $1,847 in 1960 to $824 in 2024.
Speaking at the 20th anniversary dinner of investment firm Chapel Hill Denham in Lagos, Adesina emphasized that despite Nigeria’s status as Africa’s largest economy by GDP, its economic structure remains deeply flawed and unsustainable. He attributed this decline to decades of policy missteps, institutional weaknesses, over-reliance on crude oil exports, and chronic underinvestment in key sectors.
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Adesina contrasted Nigeria’s economic stagnation with South Korea’s growth, noting that while South Korea had a lower GDP per capita than Nigeria in 1960, it has since risen to over $36,000. He stressed that Nigeria’s continued underdevelopment is not due to a lack of potential but a failure to harness it.
To reposition Nigeria’s economy, Adesina outlined five urgent priorities:
1. Universal access to electricity
2. Development of world-class infrastructure
3. Rapid industrialization
4. Innovation-driven growth
5. Globally competitive agriculture
He also highlighted the importance of leveraging Nigeria’s pension fund assets, diaspora expertise, and capital markets to fund transformative initiatives. Adesina warned that without bold structural reforms and strong institutions, Nigeria risks continuing on a trajectory of missed opportunities and deepening poverty.
NewsOnline Nigeria reports that Dr. Adesina’s remarks serve as a call to action for Nigeria to undertake comprehensive economic reforms to reverse its current decline and achieve sustainable growth.
