The Independent Media and Policy Initiative (IMPI) has challenged recent claims by Akinwumi Adesina, President of the African Development Bank, stating that Nigeria’s Gross Domestic Product (GDP) per capita in 1960 was not $1,847 as he claimed, but actually $93.
In a statement released on Monday, IMPI Chairman Omoniyi Akinsiju said Adesina’s remarks during a keynote speech at the 20th anniversary of investment firm Chapel Hill Denham in Lagos misrepresented Nigeria’s economic history. He described the claim as “a deliberate misrepresentation” of economic data that could mislead the public.
“Our review shows that Adesina’s keynote address is based on faulty assumptions,” IMPI stated. “The actual GDP per capita for Nigeria in 1960 was $93, not the exaggerated $1,847 figure he presented.”
Nigeria’s 1960 GDP per capita figure questioned
IMPI pointed to historical records indicating Nigeria had a population of 45.1 million in 1960 and a GDP of $4.2 billion. According to the group, this clearly debunks the figure used economic decline. by Adesina, who had compared it to Nigeria’s current GDP per capita of $824 to suggest
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The group criticized Adesina’s remarks as “revisionist” and “intended to spread distrust in the Nigerian government.” IMPI also accused him of echoing the kind of generalised narratives often shaped by perspectives from the global north.
Defending Nigeria’s economic progress and reforms
While acknowledging Nigeria’s current economic challenges, IMPI defended the country’s ongoing reforms under President Bola Tinubu, saying they are essential for achieving long-term economic stability. The group emphasized that Nigeria’s 1960 GDP per capita should not be used as a misleading benchmark for comparison without proper context.
“Adesina’s remarks are not only unbalanced but also ignore the recent progress being made in vital sectors such as oil and gas, agriculture, solid minerals, and manufacturing,” IMPI added.
The policy group urged economic commentators to adopt a “more truthful and nationalistic” stance when evaluating the country’s performance, highlighting the importance of unity in supporting efforts to rebuild the economy.
“Of course, there’s still work to do, but we believe the policies being pursued now are the right ones for Nigeria,” IMPI said.
Nigeria’s 1960 GDP per capita data has now become a point of debate among analysts, with IMPI urging greater accuracy and fairness when referencing historical economic statistics.
