Mkpoikana Udoma
Port Harcourt — The Presidency has rebuked President of the African Development Bank, AfDB, Dr Akinwumi Adesina, over his recent claim that Nigerians are worse off today than they were in 1960, accusing him of relying on “inaccurate and misleading” economic figures.
Presidential Spokesperson, Bayo Onanuga, dismissed Adesina’s comments as politically tainted and factually incorrect, saying his assertions do not reflect the country’s economic realities or development strides over the decades.
The AfDB boss, a former Nigerian Minister of Agriculture, recently sparked controversy after reportedly stating that Nigeria’s GDP per capita had fallen from $1,847 in 1960 to $824 in 2024 – a claim the Presidency described as “statistically false and economically flawed.”
Adesina, whose tenure as AfDB President is winding down, made the controversial remarks at a public event recently, sparking debate among economists and political observers alike.
“The quoted figures are not correct. According to available data, our country’s GDP in 1960 was $4.2 billion, and the per capita income for a population of 44.9 million was $93 – ninety-three, not even one hundred dollars,” Onanuga said.
He added that Nigeria’s economic boom did not begin until the 1970s, following a surge in crude oil earnings. “In 1981, per capita income reached $2,187, and in 2014 – after the GDP rebasing – it peaked at an all-time high of $3,200,” Onanuga noted, questioning the origin of Adesina’s figures.
Beyond the numbers, the Tinubu administration took issue with the broader conclusion drawn by Adesina, arguing that GDP per capita alone is a poor tool for assessing living standards.
“GDP per capita masks many realities in a country’s economy. It neither discloses wealth distribution nor accounts for informal activities, which experts say make up a significant part of Nigeria’s economy.”
Onanuga also challenged the AfDB President to consider Nigeria’s infrastructural and technological progress over the decades.
“Today, over 200 million Nigerians enjoy near-universal access to mobile phones and digital services. In 1960, we had fewer than 20,000 telephone lines for a population of 45 million,” he said.
Using the example of MTN’s entry into Nigeria’s telecom market as a case in point, the Presidency said GDP statistics failed to predict real consumer power. “Consultants advised Vodacom to stay out of Nigeria due to supposedly poor economic indicators. MTN ignored that advice, entered the market, and has declared N1 trillion in Q1 2025 revenue,” he said.
“Does this MTN experience correlate with a country worse off than in 1960?” Onanuga asked.
The Tinubu administration also took a swipe at the tone of Adesina’s remarks, likening it to opposition rhetoric.
“Dr. Adesina spoke like a politician, in the mold of Peter Obi, and did not do due diligence before making his unverifiable statement,” the statement concluded.
