Presidency Rebukes AfDB President Adesina Over GDP Remarks

Abuja, Nigeria: The Presidency has criticized the President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, over his recent comments on Nigeria’s economic trajectory, accusing him of making politically charged statements based on inaccurate data.

Bayo Onanuga, Special Adviser to the President on Information and Strategy, took to his X (formerly Twitter) handle to fault Adesina’s claims, comparing his remarks to those made by former Labour Party presidential candidate, Peter Obi, and alleging a lack of due diligence.

Adesina, while speaking at the 20th-anniversary dinner of Chapel Hill Denham, stated that Nigerians are worse off economically today than in 1960. He supported this assertion by citing a GDP per capita of $1,847 in 1960 compared to $824 in the present day.

In response, Onanuga argued that the figures cited by Adesina are inconsistent with verified economic data. According to him, Nigeria’s GDP in 1960 stood at $4.2 billion, and with a population of 44.9 million, the actual per capita income was approximately $93.

“The figures presented by Dr. Adesina do not reflect the historical data,” Onanuga said. “Per capita income did not surpass $880 until the 1980s. It only reached $2,187 in 1981 and peaked at $3,200 in 2014 following GDP rebasing.”

He further noted that Nigeria’s economic growth gained momentum in the 1970s with the expansion of crude oil revenues, citing GDP increases to $12.55 billion in 1970, $27.7 billion in 1975, and $164 billion by 1981.

Onanuga also emphasized that GDP per capita alone is not a comprehensive measure of living conditions. He pointed to advancements in infrastructure, healthcare, and telecommunications as evidence of national progress since independence.

“We have significantly more road networks, medical facilities, and access to telecommunication services than in 1960. At Independence, Nigeria had just 18,724 active phone lines for a population of around 45 million,” he said.

He concluded that any objective evaluation of Nigeria’s development must recognize the tangible progress made across multiple sectors, and cautioned against drawing sweeping conclusions from selective economic indicators.

By Taiwo Olatinwo/ May 5,2025