Nigeria’s economy need bold reforms to grow, says Adesina

Akinwumi Adesina, president of the African Development Bank (AfDB), has urged Nigeria to urgently transform its economy to become a developed country by 2050.

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

He said Nigeria must abandon years of underdevelopment by embracing bold policies to drive industrialisation, economic diversification, and infrastructure development.

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

Mr Adesina blamed Nigeria’s economic decline on decades of policy failures, weak institutions, and dependence on crude oil exports.

In spite of being Africa’s largest economy, Nigeria’s per capital income has dropped significantly, making citizens poorer than at independence.

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

He identified poor fiscal discipline, policy inconsistency, weak governance, and lack of economic diversification as key drivers of the regression.

Mr Adesina compared Nigeria’s economic performance with South Korea, whose GDP per capita was lower in 1960 but now stands at 36,000 dollars.

The AfDB chief called for a complete policy overhaul and stronger institutions, warning that without bold reforms, Nigeria would continue to fall behind.

He urged Nigerian leaders to end oil dependence and invest in technology, industry, and innovation to build a resilient economy.

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

As the way forward, Adesina outlined five priorities: universal electricity, quality infrastructure, rapid industrialisation, innovation-driven growth, and competitive agriculture.

He stressed the need for Nigeria to become an African industrial powerhouse, citing the Dangote Refinery as a transformative example.

Mr Adesina also highlighted the role of pension funds, diaspora expertise, and private sector capital in building a diverse, robust economy.

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