Nigeria’s GDP Per Capita Falls to $824—Worse Than 1960.

Nigeria’s GDP Per Capita Falls to $824—Worse Than 1960.

Nigeria’s GDP per capita has plunged to alarming levels, revealing a painful truth about the country’s economic condition. Nigeria, once hailed as a rising economic force, is now facing a harsh reality. According to Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), the average Nigerian is poorer today than in 1960. This startling revelation is more than just numbers. It tells the story of a nation struggling to meet its potential.

“Our GDP per capita in 1960 was $1,847. Today, it stands at $824. Nigerians are worse off than 64 years ago,” Adesina said. His words cut deep, not just for economists, but for everyday citizens trying to make ends meet.

He shared this grim economic picture while speaking at the 20th anniversary of Chapel Hill Denham, an investment firm in Lagos. The setting may have been grand, but the message was heavy. The country’s economy, despite being Africa’s largest by size, is crumbling from within.

Adesina pointed to a flawed system that has held Nigeria back for decades. From inconsistent policies to weak institutions and a dangerous over-dependence on crude oil, Nigeria has allowed its growth to stall. The result is a shrinking wallet for millions of Nigerians.

He didn’t stop at criticism. He offered a way forward, emphasizing that the country must reinvent its economy if it wants to stand tall among global powers by 2050.

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

He compared Nigeria to South Korea—a country that had a lower GDP per capita than Nigeria in 1960. Today, South Korea boasts over $36,000 per person, while Nigeria is stuck under $1,000. This, he explained, is not a matter of luck but leadership and planning.

“Underdevelopment should not be accepted as our destiny. We must break free from this pattern,” Adesina stated firmly. It was a call to action for the government, private sector, and citizens alike.

To rebuild Nigeria, Adesina outlined five urgent steps. First, he said every home and business must have access to electricity. Second, the country must build modern infrastructure—roads, railways, and ports—that support industries and attract investors.

Third, rapid industrialization must become the core of Nigeria’s economic plan. Fourth, he called for innovation-driven growth. This means investing in science, technology, and startups that can create jobs and solve local problems. Fifth, he pushed for competitive agriculture—one that feeds the nation and earns foreign exchange.

Adesina warned that reforms must go beyond slogans. “We need to invest in technology, infrastructure, and innovation. We must become Africa’s industrial powerhouse,” he said.

One positive example, he noted, is the Dangote Refinery. This private sector-led initiative, backed by Nigerian capital, is a glimpse of what’s possible when the country focuses on big, bold projects. But one refinery is not enough. The country needs dozens of such efforts across sectors.

He encouraged Nigeria to use its untapped resources. These include the country’s large pension funds, which could finance major infrastructure projects. Also, the Nigerian diaspora—millions of professionals and entrepreneurs around the world—can offer skills and capital to drive development.

Adesina emphasized the importance of strong institutions and policy consistency. “For any reform to succeed, it must be backed by good governance and strong institutions,” he said.

Without these foundations, even the best economic plans will fall apart. A lack of political will, widespread corruption, and poor leadership have made it hard to push through change.

He warned that if Nigeria fails to adopt real reform now, it will continue to lag and leave future generations in deeper poverty. With its growing youth population, the cost of inaction will be devastating.

“The Nigeria of 2050 must be deliberately shaped, developed, and corruption-free and lead the rest of Africa,” he concluded.

Adesina’s message is not just for economists or policymakers. It is for every Nigerian. The time to act is now. Nigeria has the people, the resources, and the opportunity. What it needs is the will to rise.