Speaking at the 20th anniversary dinner of investment firm Chapel Hill Denham in Lagos, Adesina delivered a sobering assessment of Nigeria’s economic trajectory, stating that the country’s gross domestic product (GDP) per capita has declined from $1,847 in 1960 to just $824 in 2024.
“Our GDP per capita in 1960 was $1,847. Today, it stands at $824. Nigerians are worse off than 64 years ago,” he said in a statement following the keynote address.
While Nigeria remains Africa’s largest economy in absolute GDP terms, Adesina argued that its economic structure is deeply flawed and unsustainable, largely due to decades of policy missteps, institutional weaknesses, and overdependence on crude oil exports.
A Call for Transformation
Adesina emphasized the need for a radical shift in mindset and policy to position Nigeria as a globally competitive, industrialised economy by 2050. Drawing comparisons with South Korea — which had a lower GDP per capita than Nigeria in 1960 but now boasts over $36,000 per capita income — he noted that underdevelopment should not be Nigeria’s destiny.
“South Korea chose a path of industrialisation, investment in human capital and innovation. We must choose to break free from this economic stagnation,” he urged.
He outlined five core priorities necessary for Nigeria to regain a strong economic footing:
- Universal access to electricity
- Development of modern, world-class infrastructure
- Rapid industrialisation
- Innovation-driven economic growth
- A globally competitive agricultural sector
These reforms, Adesina said, must be backed by strong institutions, policy consistency, and good governance if they are to be effective.
Leveraging Existing Assets for Future Growth
To finance this transformation, Adesina called on Nigeria to better harness its existing resources, such as the country's pension fund assets, diaspora remittances, and capital markets. He pointed to the Dangote Refinery as a key example of what large-scale, private-sector-driven industrial investments can achieve.
“Nigeria must become Africa’s industrial powerhouse. We cannot afford cosmetic changes anymore. What is needed is deep, structural transformation,” he said.
Development Crisis Highlighted by World Bank Data
Adesina’s remarks come on the heels of the World Bank’s Africa’s Pulse report for April 2025, which paints a similarly grim picture. Nigeria is home to 19% of the extremely poor population in sub-Saharan Africa — the highest share in the region. The report also revealed that more than one in every seven of the world’s poorest people now lives in Nigeria.
Sub-Saharan Africa as a whole accounted for 80% of the world’s 695 million extremely poor people in 2024, signaling a regional development crisis that Nigeria is at the center of.
Adesina warned that without a credible and coordinated reform agenda, Nigeria risks continued economic decline and social instability.
“The Nigeria of 2050 must not be a continuation of today. It must be deliberately shaped — developed, corruption-free, and positioned to lead the rest of Africa,” he concluded.