A Swing and a Miss: Presidential Spokesman Slams AfDB Chief's Claim on Nigeria's Economic Progress
" presidential office addresses AfDB president over his comparison of the year 2025 to the year 1960"
In a fiery statement, the Presidential Spokesman, Bayo Onanuga, has taken aim at the African Development Bank (AfDB) President, Dr. Akinwumi Adesina, for suggesting that Nigerians were economically better off at independence in 1960 than they are today.
Reacting to the claim on Sunday night via his platform (formerly Twitter), Onanuga blasted Adesina's comparison as flawed and based on a narrow reading of Nigeria's economic development.
According to reports from our website, Adesina had referred to data from Nairametrics, which indicated that Nigeria's GDP per capita was $1,847 in 1960, compared to $824 today.
To clarify, Onanuga stated that Nigeria's GDP in 1960 was approximately $4.2 billion, with a per capita income of $93 for a population of 44.9 million. The oil boom in the 1970s, he noted, is when the country's economic trajectory began to significantly rise.
Onanuga also argued that GDP per capita alone was not a comprehensive tool for measuring citizens' wellbeing, as it does not account for income distribution, quality of life, or access to essential services. He pointed out several improvements since independence, including:
- A substantial increase in primary, secondary, and tertiary institutions compared to the limited number in 1960.
- Expanded access to healthcare and road infrastructure.
- Exponential growth in telecommunications.
Comparing Nigeria in 2025 to 1960, Onanuga stated, "No objective observer can claim that Nigeria has not made progress since 1960." Despite the current GDP estimates being 50-100 times higher than at independence, Onanuga argued that Adesina's comparison fails to capture the full picture of Nigeria's economic growth.
By citing both historical and recent data, this analysis reveals a paradox between the quickest growth metrics (such as GDP) and the most crucial factors that affect the overall wellbeing of the citizens, such as income distribution, quality of life, and access to essential services.
Enrichment Insights:
While Nigeria's absolute GDP has grown exponentially, the per capita annual income has only grown by roughly a factor of 9 since independence (from $93 to $824), with the vast majority of this growth occurring after the oil boom in the 1970s. However, it is important to note that the country's population has also increased by a factor of more than 5 over the same period, causing per capita income to decline overall.
The debate on Nigeria's economic progress highlights the limitations of using GDP per capita as a metric to assess overall wellbeing, and the need to consider other factors such as income distribution, quality of life, and access to essential services to gain a more complete understanding.
Moreover, the historical context in which Nigeria gained independence (a pre-industrial agricultural economy) and the current economic structure (an oil-dependent economy facing sustainability challenges) make direct comparisons between 1960 and 2025 difficult and potentially misleading.
- In contrast to Adesina's claims, Tinubu, the Presidential Spokesman, asserts that Nigeria's economic progress has been significant since independence in 1960.
- Onanuga argues that Adesina's comparison between Nigeria's GDP per capita in 1960 and today, based on Nairametrics data, is flawed and leads to a skewed view of Nigeria's economic development.
- The Presidential Spokesman provides a comparison of Nigeria's GDP in 1960 ($4.2 billion) and the country's per capita income ($93) at the time, contrasting it with its GDP today which is 50-100 times higher and the current per capita income ($824).
- Onanuga emphasizes that GDP per capita alone does not fully capture the wellbeing of citizens, imploring consideration of income distribution, quality of life, and access to essential services.
- He highlights several improvements in Nigeria since independence, such as the increase in educational institutions, expanded healthcare and road infrastructure, and exponential growth in telecommunications.
- Despite Adesina's initial claim that Nigerians were economically better off at independence, Onanuga states that no objective observer could reasonably make such a claim today.
- This analysis ultimately points out the paradox in relying on quickest growth metrics like GDP while ignoring crucial factors like income distribution, quality of life, and access to essential services, resulting in an incomplete understanding of a country's overall wellbeing.
