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In a stark warning, Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), revealed that Nigeria’s GDP per capita has dropped to $824, a far cry from $1,847 in 1960. Adesina pointed out the country’s deteriorating economic structure and called for urgent reforms to avoid further economic decline.
  • Economic Decline: Nigeria’s GDP per capita has fallen to $824, lower than it was in 1960.
  • Urgent Reforms: Adesina highlighted the need for reforms in electricity, infrastructure, industrialisation, and agriculture to spur growth.
  • International Comparison: He compared Nigeria to South Korea, which overcame similar challenges and now has a GDP per capita of over $36,000.
  • Fragile Economy: Despite being Africa’s largest economy by total GDP, Nigeria’s economy remains fragile and unsustainable.
  • Five Key Reforms: Adesina called for universal electricity, improved infrastructure, innovation-driven growth, and better governance.

Adesina’s warning underscores the growing frustrations of Nigerians who have seen their standard of living stagnate or decline. The stark comparison to South Korea’s success story highlights the opportunities that remain untapped in Nigeria. For real change to happen, the country must focus on structural reforms and create a more sustainable, diversified economy, without which Nigeria risks remaining stuck in a cycle of underdevelopment.

Can Nigeria turn its economy around by 2050? What steps will the government take to address these pressing challenges? Let us know your thoughts.