Presidency Disputes Adesina’s Claim Nigerians Were Better Off in 1960

The Nigerian Presidency has strongly disagreed with the President of the African Development Bank, Dr Akinwumi Adesina, over his recent remarks suggesting that Nigerians were better off in 1960 than they are today. In a statement posted on social media, Special Adviser to the President on Information and Strategy, Bayo Onanuga, accused Dr Adesina of failing to conduct proper due diligence and likened his comments to those of a politician.

Dr Adesina, while delivering a keynote at the 20th-anniversary dinner of Chapel Hill Denham, said Nigeria’s GDP per capita had fallen from $1,847 in 1960 to $824 today. Onanuga rejected the figures, stating that available data placed Nigeria’s GDP in 1960 at $4.2 billion, with a per capita income of just $93, not $1,847. He added that significant economic growth did not occur until the oil boom of the 1970s.

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The presidential spokesman argued that GDP per capita is a limited tool for assessing living standards, as it overlooks wealth distribution, the informal economy, and improvements in infrastructure, education, and healthcare. He noted that Nigeria now has more schools, roads, hospitals, and nearly universal access to mobile and digital services—developments that did not exist at independence in 1960.

Onanuga concluded that Nigeria’s economy today is at least 50 to 100 times larger than it was at independence and criticised the AfDB President’s analysis as lacking context and accuracy.