Nigeria’s Presidency has faulted recent comments by outgoing African Development Bank (AfDB) President Akinwumi Adesina, who claimed that Nigerians are worse off today than in 1960.
The claim, made during a public address, has drawn sharp criticism from Bayo Onanuga, President Bola Tinubu’s Special Adviser on Information and Strategy.
Based on GDP per capita figures, Adesina’s assertion suggested that Nigeria’s per capita income in 1960 stood at $1,847 compared to $824 today. However, Onanuga dismissed these figures as inaccurate and misleading.
According to available data, Nigeria’s GDP was $4.2 billion in 1960 with a population of 44.9 million, placing per capita income at just $93, not even a hundred dollars,” Onanuga stated. He further explained that the country’s economic growth only accelerated in the 1970s, fueled by the crude oil boom.
Onanuga argued that Adesina’s conclusion was flawed because of questionable data and a narrow reliance on GDP per capita as a measure of national well-being. He pointed out that GDP per capita is inadequate for assessing living standards, as it does not account for wealth distribution, informal economic activities, or improvements in essential services such as healthcare, education, and infrastructure.
“GDP masks many aspects of a country’s economy. It neither reveals income inequality nor captures the informal economy, which experts agree is substantial in Nigeria,” Onanuga remarked.
Citing examples of economic and social progress since 1960, Onanuga noted that Nigeria now boasts significantly improved infrastructure, increased access to education at all levels, and near-universal mobile phone coverage.
The presidential spokesperson also highlighted how rigid interpretations of GDP data have historically underestimated Nigeria’s economic resilience. He referenced the case of Vodacom, which was advised against investing in Nigeria’s telecom sector in the early 2000s based on similar GDP projections.
“MTN and others who defied the forecasts have since thrived, ”Onanuga added, pointing to MTN’s recent N1 trillion quarterly revenue and 84 million subscribers as evidence of Nigeria’s economic dynamism.
Onanuga maintained that while Nigeria faces ongoing challenges, claiming that the country has not progressed since 1960 is objectively false. He expressed disappointment in Adesina’s remarks, suggesting they reflected political posturing rather than careful economic analysis.
“Dr. Adesina spoke like a politician, in the mould of Peter Obi, and did not conduct due diligence before making his unverifiable statement,” Onanuga said.
The Presidency has indicated that it looks forward to the National Bureau of Statistics (NBS) forthcoming GDP recalibration, which it expects will more accurately reflect the scope and scale of Nigeria’s economy.