Nigeria’s GDP Per Capita Falls to $824, Below 1960 Levels, Warns AfDB President
posted 2nd May 2025
Nigeria’s GDP Per Capita Falls to $824, Below 1960 Levels, Warns AfDB President
Lagos, 2 May 2025 – Nigeria’s economic trajectory has taken a dire turn as the country’s GDP per capita has plummeted to $824, a figure lower than the $1,847 recorded in 1960, the year of its independence. This alarming decline was highlighted by Dr Akinwumi Adesina, President of the African Development Bank (AfDB), during his keynote address at the 20th anniversary dinner of Chapel Hill Denham in Lagos.
Dr Adesina expressed deep concern over the economic state of Africa’s largest economy by size, noting that Nigerians are now worse off than they were 64 years ago. He attributed the decline to decades of policy failures, weak institutions, over-reliance on oil, and chronic underinvestment in key sectors. “Nigeria has failed to industrialise or achieve sustainable development, in contrast to South Korea, which had a lower GDP per capita than Nigeria in 1960 but now boasts over $36,000 per capita,” Adesina stated.
Despite Nigeria’s vast economic potential, its structure remains deeply flawed. Adesina urged the nation to leverage its pension funds, diaspora expertise, and capital markets to finance strategic reforms and projects. He cautioned that without policy consistency, institutional strength, and good governance, Nigeria risks missing out on global opportunities and failing to support its rapidly growing population.
In a powerful call to action, Adesina remarked, “Underdevelopment should not be accepted as our destiny. The Nigeria of 2050 must be shaped deliberately—developed, corruption-free, and positioned to lead Africa in critical sectors. The main drivers of this decline must be addressed.”
The sobering revelations underscore the urgent need for structural reforms to reverse Nigeria’s economic downturn and secure a sustainable future for its citizens.
