Is Nigeria’s Economy Worse Today Than in 1960?
On May 2,
2025, African Development Bank President Dr. Akinwumi Adesina made headlines
when he claimed that Nigeria’s GDP per capita dropped from $1,847 in 1960 to
$824 in 2025, suggesting Nigerians are poorer today than at independence.
The statement sparked major reactions especially from the Nigerian
government.
But how
accurate is that claim? Let’s break down the numbers, historical facts, and
broader economic indicators.
Was Nigeria’s GDP Per Capita Really $1,847 in 1960?
No—historical
data shows otherwise.
- GDP in 1960: ~$4.2 billion
- Population: ~45 million
- Actual per capita: ~$93 (not $1,847)
Adesina’s
figure appears to be either a misquote or a misunderstanding. According to
World Bank and IMF records, Nigeria didn’t cross the $880 GDP per capita
mark until the 1980s.
Nigeria in 2025 — Progress Beyond GDP
GDP per
capita is important, but it doesn’t show the whole picture. Here’s how life in
Nigeria has improved since 1960:
- Telecom Revolution: From 20,000 landlines in
1960 to over 200 million mobile lines in 2025.
- Life Expectancy: Up from 37 years in 1960 to
55+ years today.
- Infrastructure: Massive growth in roads,
airports, universities, and access to banking services.
- Digital Economy: Over 70 million Nigerians
now use digital wallets or fintech services.
While
poverty and inequality persist, it’s misleading to ignore these advancements.
Final Verdict — Is Nigeria Worse Off Today?
Short
answer: No.
Dr.
Adesina’s intentions might have been to provoke reform, but the numbers don’t
support his narrative. GDP per capita has grown almost 9x from 1960 to
2025. Other economic and quality-of-life metrics show Nigeria has made
undeniable progress.
Claim: Nigeria’s GDP per capita dropped
from $1,847 to $824
Fact: It rose from ~$93 in 1960 to ~$824 in 2025
Let’s Get
Real With the Data
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