AfDB President advocates rapid reforms for Nigeria’s economy

President of the African Development Bank (AfDB), Dr Akinwumi Adesina, has urged Nigeria to accelerate its economic transformation to become a developed country by 2050.

Adesina made the call in a statement on Thursday, following his keynote address at the 20th anniversary dinner of Chapel Hill Denham.

He stressed the need for Nigeria to move beyond decades of underdevelopment by adopting bold policies aimed at driving industrialisation, economic diversification, and infrastructure growth.

“Nigeria belongs in the league of developed nations. To get there, we must shift our mindset and pursue rapid economic growth,” he said.

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Adesina attributed Nigeria’s economic stagnation to decades of policy failures, weak institutions, and over-reliance on crude oil exports.

Despite being Africa’s largest economy, he noted that the country’s per capita income has plummeted, leaving citizens poorer than they were at independence.

“Our GDP per capita in 1960 was $1,847. Today, it stands at $824. Nigerians are worse off than 64 years ago,” he stated.

He identified poor fiscal discipline, policy inconsistency, weak governance, and a lack of economic diversification as major causes of Nigeria’s economic decline.

Comparing Nigeria’s economic trajectory with that of South Korea, Adesina pointed out that while both countries had similar GDP per capita in 1960, South Korea’s figure has since soared to $36,000.

The AfDB President called for a comprehensive policy overhaul and the strengthening of institutions, warning that without bold reforms, Nigeria would continue to lag behind.

He urged Nigerian leaders to wean the country off its dependence on oil and invest aggressively in technology, industrial development, and innovation to build a resilient economy.

“Underdevelopment should not be accepted as our destiny. We must break free from this pattern,” he said.

To achieve this, Adesina outlined five key priorities: universal access to electricity, quality infrastructure, rapid industrialisation, innovation-led growth, and competitive agriculture.

He emphasised the need for Nigeria to become an African industrial powerhouse, citing the Dangote Refinery as a model of transformative potential.

Additionally, he highlighted the importance of leveraging pension funds, diaspora expertise, and private sector investment in building a diverse and sustainable economy.

“The Nigeria of 2050 must be deliberately shaped — developed, corruption-free, and leading the rest of Africa,” Adesina declared.

 

NIGERIAN TRIBUNE