Senior Special Adviser (SSA) to the President on Information and Strategy, Mr. Bayo Onanuga, has firmly countered a statement made by Dr. Akinwumi Adesina, the President of the African Development Bank (AfDB), regarding Nigeria’s economic status. Adesina had claimed that Nigeria’s GDP per capita in 1960 was $1847, which has now fallen to $824, suggesting that Nigerians are worse off today than they were at independence.
In response, Onanuga argued that it was not a fair or accurate comparison, stating that Nigeria's GDP in 1960 was only $4.2 billion, with a per capita income of just $93 for a population of 44.9 million. In his post on his verified X handle, Onanuga elaborated, stating that Nigeria's GDP did not significantly increase until the 1970s when crude oil earnings surged. He highlighted key figures such as the GDP rising to $12.55 billion in 1970, $27.7 billion in 1975, and $64.2 billion in 1980.
Onanuga also pointed out that, up until 1980, per capita income did not exceed $880, but by 1981 it increased to $2187 before experiencing a slight drop to $1844 in 1982. He emphasized that in 2014, after rebasing, Nigeria's GDP per capita reached an all-time high of $3,200.
He further asserted that policymakers are aware that the GDP figures published by the National Bureau of Statistics (NBS) may not fully reflect the true depth and breadth of Nigeria's economy, especially if it fails to account for the informal sector, which some believe is even more significant than the formal economy.
Onanuga concluded by stating that, despite claims made by Dr. Adesina, there is no objective basis to assert that Nigeria has not made significant progress since 1960. He confidently declared, "Nigeria's economy today is at least 50 times, if not 100 times, more than it was at independence," asserting that Adesina’s claim was based on outdated and inaccurate data.
