In a poignant address that resonates deeply with the realities facing many Nigerians, Dr. Akinwumi Adesina, the President of the African Development Bank (AfDB), recently sounded the alarm over Nigeria’s worsening economic landscape. His words serve not just as a critique but as a wake-up call: the average Nigerian is now grappling with an economic state that is, alarmingly, worse than it was at independence in 1960.
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Dr. Adesina’s remarks were made during a keynote address at the 20th anniversary dinner of the investment firm Chapel Hill Denham in Lagos. His focus on this issue during such a celebratory event underscores the urgency of the economic conversation in Nigeria—a juxtaposition that truly captures the spirit of our times.
Once heralded as Africa’s largest economy, Nigeria has slackened its grip on this title, ceding it to South Africa and now ranking as the continent’s fourth largest economy. The International Monetary Fund (IMF) forecasts a GDP of merely $188.27 billion by 2025—a stark contrast to the dreams many had nurtured for a nation rich in resources and potential.
What could have led to this decline? Dr. Adesina points to the troubling trajectory of Nigeria’s economic challenges. Over the years, per capita income has plummeted significantly. This decline paints a poignant picture: today’s citizens are, in many respects, worse off than they were more than six decades ago. His statement captures the stark reality: “Our GDP per capita in 1960 was $1,847. Today, it stands at $824. Nigerians are worse off than 64 years ago.” How can this disparity be explained? And more importantly, how can it be addressed?
The reasons for this troubling downturn are complex and multifaceted. Dr. Adesina identifies poor fiscal discipline, inconsistent policies, weak governance, and an overreliance on oil as core issues that hinder Nigeria’s economic progress. They paint an unsettling picture of a nation that has, at times, been its own worst enemy.
Drawing a compelling comparison between Nigeria and South Korea, he highlights that while South Korea had a lower GDP per capita in 1960, it has astoundingly surged to $36,000 today. This is a stark reminder of what is possible with the right vision and commitment. “Nigeria belongs in the league of developed nations,” Dr. Adesina declares passionately. “To get there, we must shift our mindset and pursue rapid economic growth.” Isn’t it incredible to think about the monumental changes that can occur when a nation commits to rethinking its assumptions and ambitions?
A Blueprint for Economic Recovery
As he outlined a path forward, Dr. Adesina set some ambitious and much-needed priorities. He urged Nigerian leaders to pivot away from oil dependence and redirect their focus toward investing in technology, industry, and innovation—regions of opportunity that could foster a resilient economy.
What might this look like in practical terms? Adesina identified five strategic priorities for recovery: universal access to electricity, investment in quality infrastructure, rapid industrialization, innovation-led growth, and the development of a globally competitive agricultural sector. These pillars serve not just as goals but as beacons for what could be.
In emphasizing urgency, he pointed to examples like the Dangote Refinery—an embodiment of what can be achieved through bold ambition and effective execution. It’s projects like these that illustrate a transformative potential, igniting hope within the communities that could greatly benefit from it. Shouldn’t we all aspire toward such ambitious undertakings that exemplify Nigerian resilience and ingenuity?
The reflections of Dr. Adesina delicately weave a narrative of urgency and potential. As we navigate these challenges, it raises questions that linger in our minds: How can we harness the wealth of talent and resources within Nigeria? What untapped sectors could spring forth if only we shifted our focus and energy?
There lies a magnificent opportunity—a chance for a united effort to steer Nigeria towards sustainable growth. Indeed, the journey ahead is fraught with challenges, but with strategic planning and cooperative will, the promise of a bright economic future is not merely a dream but an achievable reality.
In a world filled with uncertainties, the closure of this chapter brings us back to the fundamental notion that every crisis is laden with potential. As we stand at this critical juncture, let’s engage with these thoughts and strive for collective action. The question remains: Are we prepared to rise to the occasion and reclaim our narrative?
Edited By Ali Musa
Axadle Times International—Monitoring.
