Nigeria’s economy is in deeper trouble than many realize, with its GDP per capita now standing at just $824, lower than it was at the time of independence in 1960, according to Dr. Akinwumi Adesina, President of the African Development Bank (AfDB).

Speaking at the 20th anniversary dinner of investment firm Chapel Hill Denham in Lagos, Adesina highlighted the stark contrast between Nigeria’s current economic status and its past, pointing out that the country’s GDP per capita in 1960 was $1,847, making Nigerians significantly worse off today than they were over six decades ago.

Despite being Africa’s largest economy in terms of GDP, Adesina noted that Nigeria’s economic structure remains fundamentally flawed and unsustainable.

He attributed the country’s economic decline to a history of policy missteps, weak institutions, an over-reliance on oil exports, and chronic underinvestment in critical sectors.

Adesina stressed that Nigeria’s underperformance is not due to a lack of potential but rather a failure to unlock that potential effectively.

“Underdevelopment should not be accepted as our destiny.

We must break free from this pattern,” he declared.

Adesina pointed to South Korea’s impressive rise as a model for Nigeria.

South Korea, which had a lower GDP per capita than Nigeria in 1960, has since transformed into a global industrial powerhouse, now boasting a per capita income of over $36,000.

Adesina argued that Nigeria too could become a leader on the global stage but must radically transform its economic model to achieve this goal.

In his address, Adesina emphasized that Nigeria must undergo urgent and bold structural reforms to become globally competitive and industrialized by 2050.

He laid out five key priorities: universal access to electricity, world-class infrastructure development, rapid industrialization, innovation-driven growth, and competitive agriculture.

According to him, achieving these goals will require not just cosmetic policy changes but real, substantial investments in technology, infrastructure, and innovation.

He used the Dangote Refinery as an example of the type of large-scale, private-sector-led projects that could signal a shift in Nigeria’s economic trajectory.

He urged the country to leverage its pension fund assets, the expertise of its diaspora, and its capital markets to fund such transformative projects.

Adesina also pointed out that successful reforms must be underpinned by strong institutions, policy consistency, and good governance.

Without these elements, he warned, Nigeria risks missing out on global opportunities and failing its rapidly growing population.

“The Nigeria of 2050 must be deliberately shaped, developed, corruption-free, and lead the rest of Africa,” he concluded.

The AfDB President’s remarks come at a time when Nigeria faces serious poverty challenges.

The World Bank’s latest report shows that Nigeria is home to 19% of the extremely poor population in sub-Saharan Africa, the highest share in the region.

This stark reality raises urgent questions about the country’s development path, with more than 1 in every 7 of the world’s poorest people living in Nigeria.