Presidency Challenges AfDB President’s Claims On Nigeria’s Economic Decline.
The Nigerian Presidency has strongly refuted remarks by African Development Bank (AfDB) President Akinwumi Adesina, who claimed that Nigerians are economically worse off today than in 1960. The rebuttal, delivered by President Bola Tinubu’s Special Adviser on Communication and Strategy, Bayo Onanuga, branded Adesina’s statements as “substantive lies” unsupported by verified data.
Speaking at the 20th anniversary dinner of investment firm Chapel Hill Denham in Lagos last week, Adesina suggested Nigeria’s GDP per capita had plummeted from $1,847 in 1960 to $824 today, implying a significant decline in living standards. He compared Nigeria’s economic trajectory unfavourably to that of South Korea and other Asian nations, which have surged ahead.
However, Onanuga dismissed these figures as inaccurate. “According to available data, Nigeria’s GDP in 1960 was $4.2 billion, with a per capita income of $93 for a population of 44.9 million—not $1,847 as claimed,” he said. He clarified that Nigeria’s GDP only began to grow significantly in the 1970s, driven by crude oil earnings, rising from $12.55 billion in 1970 to $164 billion by 1981. Per capita income, he noted, peaked at $3,200 in 2014 after economic rebasing.
Onanuga argued that GDP alone does not fully reflect a nation’s economic health. He pointed to advancements in Nigeria’s infrastructure, including expanded road networks, medical facilities, and educational institutions, as well as the growth of profitable businesses. Citing MTN Nigeria’s first-quarter 2025 results, which reported N1 trillion in revenue and an 8.2% increase in subscriptions to 84 million users, Onanuga questioned Adesina’s narrative. “Does this reflect a country worse off than in 1960, when we had analogue telephones with fewer than 20,000 lines?” he asked.
The Presidency’s response has sparked debate about the accuracy of economic data and its interpretation, with Onanuga calling for scrutiny of Adesina’s sources. The controversy underscores ongoing efforts by the Tinubu administration to highlight Nigeria’s economic progress amid challenging global conditions.