President of the African Development Bank (AfDB), Dr. Akinwumi Adesina has said Nigeria must adopt a bold and forward-looking economic strategy or risk remaining in a persistent state of stagnation and underdevelopment.
Speaking at the 20th Anniversary Dinner of Chapel Hill Denham, Adesina described Nigeria’s economic growth as anaemic and insufficient to meet the aspirations of its rapidly growing population.
He noted that Nigeria’s Gross Domestic Product (GDP) per capita has deteriorated from $1,847 at the time of independence to $824 in 2024—a level that revealed the country’s deepening developmental challenges.
“Without urgent reforms and decisive action, Nigeria risks falling further behind,” Adesina said during his keynote address titled “Reimagining Nigeria by 2050.”
He stressed that the nation must move beyond incremental progress and adopt a transformative growth agenda anchored on industrialisation, infrastructure and institutional reform.
The AfDB President identified several structural weaknesses undermining Nigeria’s economic progress as frequent policy reversals, weak governance structures, poor fiscal discipline, over-dependence on crude oil, inadequate infrastructure and persistent macroeconomic instability.
Speaking on the disparity between Nigeria and its global peers, like South Korea.
Adesina said both nations had comparable GDP per capita levels in 1960. However, while Nigeria’s economy declined to $824 GDP per capita, South Korea has expanded its GDP per capita to over $36,000 in 2024, 43 times higher than Nigeria’s current level.
Adesina attributed this divergence to South Korea’s emphasis on domestic savings, export-oriented industrialisation, and long-term development planning.
By contrast, Nigeria’s pension fund stands at $13 billion compared to South Korea’s $830 billion.
He warned that without a deliberate change in policy and mindset, Nigeria’s development ambitions will remain unattainable.
“We must stop normalising underdevelopment,” he said, calling for a national economic revival plan that prioritises inclusive growth and private sector investment.
To reposition Nigeria by 2050, Adesina outlined a five-point transformation agenda:
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Universal Access to Electricity: He described reliable and affordable electricity as a non-negotiable foundation for industrialisation and economic competitiveness. He urged Nigeria to leverage public-private partnerships, blended finance structures and cost-reflective tariffs to attract sustainable investments in power infrastructure. He also recommended active participation in the AfDB and World Bank’s Mission 300 electrification initiative.
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World-Class Infrastructure: Adesina advocated for strategic investment in transport networks, digital infrastructure, and urban connectivity to support trade under the African Continental Free Trade Area (AfCFTA) and enhance investor confidence.
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Pension and Sovereign Fund Mobilisation: He encouraged the strategic deployment of Nigeria’s pension and sovereign wealth assets into infrastructure financing through structured investment vehicles and capital market instruments.
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Industrial Manufacturing Growth: To drive sustainable economic expansion, Adesina urged Nigeria to prioritise industrial policy with a clear focus on manufacturing and value-added exports, replicating models seen in Asia’s emerging economies such as Vietnam and Malaysia.
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Institutional and Policy Reforms: The AfDB President emphasised the need to strengthen institutions, ensure macro-fiscal alignment, and restore policy credibility to attract long-term investment and foster job creation.
Adesina concluded by calling for a mindset shift among political and business leaders.
“Nigeria belongs in the league of developed nations,” he said. “But to get there, we must think boldly, act decisively and invest strategically. Anything less is unacceptable.”
His comments come at a time of growing concern over Nigeria’s macroeconomic indicators, with inflation remaining high, the naira under pressure, and unemployment affecting a significant portion of the youth population.
Stakeholders across the financial and industrial sectors are expected to respond to his call for an ambitious, reform-driven national growth strategy.
