The Nigerian Presidency has firmly rejected recent comments by Dr. Akinwumi Adesina, the outgoing President of the African Development Bank (AfDB), who claimed that Nigerians today are worse off than they were in 1960.

Presidential spokesperson Bayo Onanuga issued a detailed rebuttal, describing Adesina’s assertions as factually incorrect and based on flawed economic comparisons.

A few days ago, at the 20th anniversary dinner of investment firm Chapel Hill Denham in Lagos, Dr. Adesina warned that Nigeria was experiencing an economic decline more severe than many realized.

According to Nairametrics, Adesina stated that Nigeria’s GDP per capita was $1,847 in 1960, compared to just $824 today, arguing that Nigerians were significantly worse off now than they were at independence.

In response, Onanuga said, “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.

According to Nairametrics, he claimed that Nigeria’s GDP per capita in 1960 was $1,847 and that it is $824 today.

The quoted figures are not correct. According to available data, our country’s GDP was $4.2 billion in 1960, and per capita income for a population of 44.9 million was $93, not even $100.”

Onanuga went further to explain that Nigeria’s GDP only began to expand meaningfully after the oil boom of the 1970s.

He noted that GDP rose to $12.55 billion in 1970 and reached $164 billion by 1981.

Even at that point, per capita income only crossed $880 when it briefly hit $2,187 in 1981 before declining again.

The Presidency pointed out that Nigeria’s per capita income only reached an all-time high of $3,200 in 2014 after a GDP rebasing exercise.

But beyond disputing the figures, Onanuga emphasized that relying solely on GDP per capita as a measure of national well-being is fundamentally flawed.

“GDP per capita is a limited metric, as it fails to capture wealth distribution, inequality levels, or the significant role of informal economic activities, which are particularly prominent in Nigeria,” he explained.

He stressed that Nigeria’s progress over the decades cannot be understood merely by looking at GDP data.

Instead, the Presidency highlighted improvements in infrastructure, healthcare, education, telecommunications, and transportation, arguing that Nigeria today enjoys far better access to schools, hospitals, road networks, and digital services than it did in 1960, when fewer than 20,000 telephone lines existed nationwide.

Citing the rise of mobile technology, particularly MTN’s wide reach across Nigeria despite initial skepticism, Onanuga argued that the success of many sectors has defied GDP-focused predictions.

He concluded that Nigeria’s GDP is now at least 50 to 100 times larger than it was in 1960 and urged commentators to adopt a more nuanced, balanced approach when evaluating the country’s development.

Dr. Adesina, however, stood by his broader warning. In his speech, he stressed that despite Nigeria being Africa’s largest economy by GDP, the country’s economic structure remains deeply flawed and unsustainable.

He attributed Nigeria’s economic struggles to decades of poor policy decisions, institutional weaknesses, over-dependence on crude oil exports, and chronic underinvestment in key sectors.

Adesina called for a radical transformation of Nigeria’s economic model, urging the nation to become a globally competitive and industrialized economy by 2050.