The Presidency has sharply rebuked African Development Bank (AfDB) President, Dr. Akinwumi Adesina, over his recent comments comparing Nigeria’s current economic condition to the days of independence in 1960—saying his analysis lacked depth and sounded more like a political speech from Peter Obi, the Labour Party’s presidential candidate in the 2023 elections.

 

Adesina, during a keynote address at the 20th anniversary of investment firm Chapel Hill Denham in Lagos, painted a bleak portrait of Nigeria’s economic decline. He claimed the country’s GDP per capita had plummeted from $1,847 in 1960 to $824 in 2024, linking the fall to poor economic planning, overdependence on crude oil, and decades of institutional failure. He urged Nigeria to urgently overhaul its economic model to achieve global competitiveness by 2050.

 

However, in a strongly worded statement issued on Sunday night by Bayo Onanuga, Special Adviser to President Bola Tinubu on Information and Strategy, the Presidency dismissed Adesina’s figures and conclusions as “unverifiable” and “politically tinted.”

 

“Dr. Adesina spoke like a politician, in the mould of Peter Obi, and did not do due diligence before making such a sweeping statement,” Onanuga said. He accused the AfDB boss of using inaccurate data to stir public sentiment, questioning the source of the GDP figures.

 

According to the Presidency, Nigeria’s GDP in 1960 was $4.2 billion with a population of about 44.9 million, which translated to a per capita income of around $93—not the $1,847 Adesina claimed.

 

Onanuga walked readers through Nigeria’s economic growth timeline, noting that GDP only began to surge in the 1970s during the oil boom. By 1981, GDP stood at $164 billion, and per capita income reached $2,187 before dipping in subsequent years. He added that the highest per capita on record was $3,200 in 2014, following a GDP rebasing exercise.

 

But beyond contesting the numbers, the Presidency took issue with the core of Adesina’s message: that Nigerians were better off in 1960 than they are today. “GDP per capita is a limited and often misleading metric,” Onanuga argued. “It doesn’t show income distribution, informal economic activity, or improvements in sectors like healthcare, education, or infrastructure.”

 

He pointed out how indicators of quality of life have vastly improved since independence. “In 1960, Nigeria had less than 19,000 telephone lines. Today, over 200 million Nigerians have access to mobile phones and digital services,” he said. “We have more roads, schools, universities, hospitals, and more opportunities for young people than ever before.”

 

Onanuga also recalled how initial skepticism based on GDP figures didn’t stop telecom giants like MTN from investing in Nigeria in the early 2000s—investments that have since revolutionized the country’s communications landscape.

 

“Dr. Adesina’s claim that Nigerians are worse off today than in 1960 is simply not supported by a broader, more accurate view of the country’s development,” he stated.

 

While the government acknowledged the challenges facing Nigeria’s economy, it emphasized that the nation had made undeniable progress over the last six decades, especially in infrastructure, digital transformation, and human capital development.

 

“As we await the recalibration of our GDP by the National Bureau of Statistics, we can say without contradiction that Nigeria’s economy is at least 50 to 100 times larger than it was at Independence,” the statement concluded.

 

The debate has sparked conversations across policy and academic circles, with observers watching closely as the government defends its record amid growing concerns over rising poverty and economic hardship.