Presidency Replies Adesina: ‘Nigerians Are Not Worse Off Than in 1960’

The Presidency has responded to recent remarks by outgoing African Development Bank (AfDB) President, Dr. Akinwumi Adesina, who stated that Nigerians are worse off today than they were at Independence in 1960. While acknowledging Dr. Adesina’s global stature and contributions to economic discourse, the Presidency argues that a closer look at the data presents a more nuanced picture of Nigeria’s progress.

According to a Nairametrics report, Dr. Adesina cited Nigeria’s GDP per capita as \$1,847 in 1960 and \$824 today. However, government data shows that Nigeria’s GDP in 1960 stood at \$4.2 billion, with a population of 44.9 million, resulting in a per capita income of approximately \$93. The figure cited by Dr. Adesina appears to reflect data from a different period. Nigeria’s GDP did not experience significant growth until the oil boom of the 1970s, with per capita income exceeding \$2,000 for the first time in 1981.

The Presidency emphasizes that while GDP per capita is a useful economic indicator, it is not a comprehensive measure of living standards. It does not account for wealth distribution, informal economic activity, or access to services such as education, healthcare, and infrastructure—all areas where Nigeria has recorded substantial progress since 1960. At Independence, the country had fewer than 20,000 phone lines. Today, over 200 million Nigerians have access to mobile phones and digital services, illustrating a major leap in connectivity and access to information.

The telecommunications sector further underscores this shift. When Vodacom considered entering the Nigerian market around 2000, analysts advised against it based on GDP data. However, MTN and other companies that moved in have thrived. MTN recently reported N1 trillion in revenue and 84 million voice and data subscribers in the first quarter of 2025—numbers that reflect a vibrant consumer economy and widespread access to modern services.

With the National Bureau of Statistics set to rebase GDP figures again, early indicators suggest Nigeria’s economy is now at least 50 to 100 times larger than it was at Independence.