Recently, the outgoing President of the African Development Bank, Akinwumi Adesina, sparked controversy by asserting that the average Nigerian is worse off today than they were in 1960.

This assertion was based on allegedly flawed statistics, which have been disputed by available data.

According to Nairametrics, Nigeria’s Gross Domestic Product (GDP) in 1960 was approximately $4.2 billion, with a per capita income of around $93 for a population of 44.9 million. In contrast, Adesina cited a per capita income of $1847 in 1960, which is significantly higher than the actual figure.

A review of Nigeria’s economic history reveals that the country’s GDP experienced significant growth in the 1970s, driven by increased crude oil earnings.

By 1981, the GDP had surged to $164 billion, with a per capita income of $2187. Although the economy has faced challenges, the country’s GDP has continued to grow, with a notable increase after the rebasing in 2014, which saw per capita income reach an all-time high of $3,200.

The use of GDP per capita as a sole indicator of living standards has been criticized for its limitations. It fails to account for wealth distribution, income inequality, and the informal economy, which is believed to be substantial in Nigeria.

Moreover, GDP per capita does not capture access to essential services such as healthcare, education, and transportation, which have improved significantly since 1960.

In contrast to Adesina’s claims, Nigeria has made considerable progress in various sectors. The country now boasts a larger number of primary, secondary, and tertiary educational institutions, as well as expanded road networks and medical facilities. The proliferation of mobile phones and digital services has also revolutionized communication, with over 200 million Nigerians now enjoying near-universal access to these services.

The experience of telecommunications companies such as MTN, which entered the Nigerian market in the early 2000s, demonstrates that GDP figures alone do not provide an accurate picture of a country’s economic potential or living standards.

Despite initial doubts about the viability of the market, MTN has thrived, declaring revenue of over N1 trillion in the first quarter of this year and boasting 84 million subscribers.

While Nigeria still faces significant economic challenges, it is inaccurate to claim that the country has not made progress since 1960.

As the National Bureau of Statistics (NBS) prepares to recalibrate the country’s GDP, it is clear that the economy has grown substantially, with GDP likely to be at least 50 times higher than it was at independence.

Adesina’s claims, based on disputed figures, do not reflect the complexities of Nigeria’s economic reality.