Nigeria Faces Deeper Economic Regression Than Recognized, Says AfDB President Adesina
The President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, has issued a sobering warning about the state of Nigeria’s economy, describing the nation’s current economic regression as deeper and more severe than many realize.
Speaking at a recent forum, Dr. Adesina revealed that Nigeria’s Gross Domestic Product (GDP) per capita now stands at a mere $824. He emphasized that this figure reflects not just economic stagnation, but a regression so significant that Nigerians are, in real terms, worse off today than they were at the time of independence in 1960.
“With a GDP per capita of just $824, Nigeria’s economic situation has declined drastically. The nation is in a state of regression that is far deeper than many are willing to admit,” Dr. Adesina said.
The alarming revelation comes amid growing public frustration over rising inflation, currency devaluation, mass unemployment, and a declining standard of living. Experts say Nigeria’s current economic indicators are among the weakest in sub-Saharan Africa, despite its abundant natural resources and large youth population.
Dr. Adesina, a former Nigerian Minister of Agriculture and a globally respected development economist, urged Nigerian policymakers to take urgent steps to reverse the downward trend.
He called for targeted investments in productivity, education, infrastructure, and industrialization to lift millions out of poverty and create sustainable economic growth.
“Nigeria must fix the fundamentals invest in people, build inclusive economic opportunities, and strengthen governance. Without this, we risk not just stagnation but a continued erosion of the gains made over decades,” he warned.
His remarks have sparked renewed debate over the effectiveness of past and present economic reforms, with critics pointing to mismanagement, corruption, and overreliance on oil revenues as key factors behind Nigeria’s economic underperformance.
As Africa’s most populous nation and one of its largest economies, Nigeria’s economic trajectory has far-reaching implications not just domestically, but across the continent. Dr. Adesina’s warning serves as a critical call to action for leaders and stakeholders to confront the economic crisis with the urgency and depth it demands.
