The Presidency has responded sharply to recent comments by Akinwumi Adesina, President of the African Development Bank (AfDB), who claimed that Nigerians are economically worse off today than at independence in 1960.
In a public address on May 2, Adesina cited Nigeria’s current Gross Domestic Product (GDP) per capita at $824, compared to $1,847 in 1960, arguing that the country’s economic structure is fundamentally flawed and unsustainable.
Reacting to the remarks, Bayo Onanuga, Special Adviser on Information and Strategy to President Bola Tinubu, described Adesina’s analysis as politically tinged and lacking depth. He said the claim that Nigerians are worse off today is not supported by broader economic realities.
“Dr. Adesina should know that GDP per capita is not the only criterion for assessing living standards,” Onanuga stated in a press release on Monday. “It’s a poor tool in that regard, as it fails to account for income distribution, wealth inequality, or the size of the informal economy.”
Onanuga argued that Nigeria’s economy has grown significantly since independence. He noted that in 1960, Nigeria’s GDP stood at $4.2 billion with a per capita income of $93 for a population of roughly 45 million. By contrast, Nigeria’s GDP in 1981 rose to $164 billion, with per capita income reaching $2,187 before declining in subsequent years.
He emphasized that Nigeria’s economy experienced robust growth post-1970s due to booming crude oil revenues and later technological advancements.
“Beyond GDP: Progress in Infrastructure and Access”
The presidency also highlighted major advancements in infrastructure, healthcare, education, and technology. “In 1960, we had only 18,724 operational phone lines,” Onanuga noted. “Today, over 200 million Nigerians enjoy near-universal access to mobile phones and digital services.”
He added that the country has seen a substantial increase in schools, roads, medical facilities, and other essential services since independence.
Onanuga also cited the experience of MTN as evidence that GDP figures do not fully capture a country’s economic potential. He recalled how Vodacom, advised by consultants, avoided entering Nigeria in 1999 due to its GDP metrics, but MTN did—and has remained profitable for over two decades. In Q1 2025 alone, MTN recorded N1 trillion in revenue and reached 84 million subscribers.
“Does this reflect a country worse off than in 1960, when we had fewer than 20,000 analogue phone lines?” Onanuga asked.
‘Political Undertones’
The presidency criticized Adesina’s tone, suggesting that it mirrored opposition rhetoric. “He spoke like a politician in the mould of Peter Obi and failed to verify his claims,” Onanuga said.
While noting that Nigeria awaits the National Bureau of Statistics’ recalibrated GDP data, he asserted that the country’s GDP today is “at least 50 to 100 times greater” than it was in 1960.
“No objective observer can claim that Nigeria has not made progress since independence,” he concluded.
