Presidency Faults Adesina’s GDP Claims, Says Nigerians Better Off Than In 1960
The Presidency has dismissed claims by outgoing President of the African Development Bank (AfDB), Akinwumi Adesina, that Nigerians are worse off today than they were in 1960.
Adesina was quoted to have claimed that Nigeria’s GDP per capita in 1960 was $1,847 and $824 in 2025.
Reacting to the claim, Special Adviser to the President on Information and Strategy, Bayo Onanuga, in a statement on Monday, described the figures as inaccurate and misleading.
He said, “A few days ago, outgoing AfDB President Akinwumi Adesina claimed that Nigerians today are worse off than in 1960, basing his conclusion one figures that do not align with available data.
“According to Nairametrics, he claimed that Nigeria’s GDP per capita in 1960 was $1847 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—ninety-three, not even one hundred dollars.”
Onanuga explained that Nigeria’s GDP did not begin to rise significantly until the 1970s, fuelled by crude oil revenues.
“Our country’s GDP did not rise remarkably until the 1970s, when crude earnings ballooned. In 1970, our GDP rose to $12.55 billion. In 1975, it was $27.7 billion, $64.2 billion in 1980, and $164 billion in 1981. Up until 1980, per capita income did not exceed $880. It rose to $2187 in 1981 and dropped to $1844 in 1982. In 2014, after rebasing, it reached an all-time high of $3,200.
“These facts raise questions about the source of Dr Adesina’s figures.”
Onanuga noted that the issue was not just about the figures but the conclusion drawn from them.
“But my mission in this response is not to poke holes in the erudite African banking president’s figures. The more substantive issue lies in Dr. Adesina’s conclusion based on these numbers.”
He stressed that GDP per capita alone cannot determine whether people live better lives now than in the past.
“Dr Adesina should know that GDP per capita is not the only criterion used to determine whether people live better lives now than in the past. Indeed, it is a poor tool for assessing living standards.
“Its primary usefulness is in giving us the metrics to compare economic output in a country or between countries.
“GDP masks many activities in a country’s economy. It neither discloses wealth distribution or income inequality nor accounts for the informal economy, which experts have said is enormous. It does not account for subsistence farming or income transfer from one family member to another.
“GDP per capita is silent on whether Nigerians in 2025 enjoy better access to healthcare, education, and transportation, such as rail and air transport than in 1960.”
He concluded that no objective observer can claim Nigeria has not progressed since independence.
Titilope Adako is a talented and intrepid journalist, dedicated to shedding light on the untold stories of Osun State and Nigeria. Through incisive reporting, she tackles a broad spectrum of topics, from politics and social justice to culture and entertainment, with a commitment to accuracy, empathy, and inspiring positive change.
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