Nigerians not worse off than in 1960 – Presidency slams Adesina’s current nation’s claim
The Presidency has strongly refuted assertions made by Akinwumi Adesina, the outgoing President of the African Development Bank (AfDB), who stated that Nigerians today are worse off than they were in 1960. Adesina claimed that Nigeria’s GDP per capita was $1,847 in 1960, juxtaposing it with a projection of $824 for 2025.
In a statement released on Monday, Bayo Onanuga, the Special Adviser to the President on Information and Strategy, emphasized that no objective observer could deny the progress Nigeria has made since 1960. He explained that Nigeria’s GDP was $4.2 billion in 1960 with a per capita income of merely $93 for a population of 44.9 million, contrasting sharply with the figures presented by Adesina.
Onanuga stated, “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.” He further clarified significant growth since then, noting that Nigeria’s GDP saw remarkable increases, especially during the 1970s due to rising crude oil earnings.
He continued, “According to available data, our country’s GDP was $4.2 billion in 1960… Up until 1980, per capita income did not exceed $880.”
While addressing the implications of GDP per capita, Onanuga noted that it is not the sole indicator of improved living conditions. He remarked, “GDP masks many activities in a country’s economy. It neither discloses wealth distribution or income inequality nor accounts for the informal economy… It does not account for subsistence farming or income transfer from one family member to another.”
Onanuga concluded that access to essential services such as healthcare and education should also be considered when evaluating the quality of life for Nigerians today compared to 1960.
