The Nigerian Presidency has disagreed with comments made by the outgoing President of the African Development Bank, Dr. Akinwumi Adesina, who recently said Nigerians are worse off now than they were in 1960.
In a statement on Sunday night, presidential spokesman Bayo Onanuga said Adesina’s claims were based on incorrect data and a narrow understanding of Nigeria’s economic history.
Adesina had reportedly said during a public event that Nigeria’s GDP per capita in 1960 was $1,847, but had dropped to $824 in recent times. He said this meant Nigerians were doing worse than they were at Independence.
Reacting to this, Onanuga wrote on his verified X account that the figures were wrong.
“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 — not even one hundred dollars,” he said.
He added that Nigeria’s GDP did not grow significantly until the 1970s, when the country began to earn more from crude oil.
He also gave examples of how Nigeria’s GDP increased over the years — from \$12.55 billion in 1970 to $164 billion by 1981. He said per capita income stayed below \$880 until 1980, and later peaked at $3,200 in 2014 after a GDP rebasing.
“These facts raise questions about the source of Dr. Adesina’s figures,” Onanuga said.
However, he noted that the real issue was not just the numbers, but the wrong message being passed with them.
“GDP per capita is a poor tool for assessing living standards,” he said. “It hides key details like how wealth is shared, the size of the informal economy, and access to basic services.”
He also pointed out that compared to 1960, Nigerians today have much better access to health care, education, roads, and phones.
“At Independence, we had only 18,724 working phone lines for a population of about 45 million. Today, over 200 million Nigerians have access to mobile phones and digital services,” he said.
Onanuga also recalled how Vodacom, a South African telecom firm, had refused to enter the Nigerian market around 1999 because they believed Nigerians could not afford mobile phones. But years later, MTN and others proved them wrong.
“MTN and other adventurers came later, and they laughed all the way to the bank,” he said.
He mentioned that MTN’s recent first-quarter report showed a revenue of N1 trillion and 84 million users — a sign, he said, of economic strength and progress.
“Does this MTN experience match a country that is supposedly worse off than in 1960?” he asked.
Onanuga ended by saying that no honest observer would say Nigeria has not grown.
“Today, as we await the National Bureau of Statistics’ review of our GDP, we can say without doubt that our economy is at least 50 times bigger than it was in 1960,” he said.
