THE INDEPENDENT Media and Policy Initiative (IMPI) has disputed the assertion by Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), that Nigeria’s Gross Domestic Product (GDP) per capita at independence in 1960 was 1,847 dollars.
IMPI maintains that the correct figure was 93 dollars.
In a statement issued on Monday, Dr. Omoniyi Akinsiju, Chairman of the policy group, described Adesina’s claim — made during a keynote address at the 20th anniversary dinner of investment firm Chapel Hill Denham in Lagos — as factually inaccurate.
“We have reviewed some of the submissions made by Dr. Adesina and found the foundation of the keynote address not only faulty but also uncharitable, appearing to be a deliberate misrepresentation of facts and figures,” IMPI stated.
Adesina had reportedly argued that Nigeria’s current GDP per capita of 824 is significantly lower than the 1,847 in 1960, suggesting that Nigerians were economically better off at independence.
IMPI dismissed this comparison as “an ill-motivated manoeuvre at revisionism” and a “propagation of conjured-up figures” designed to undermine public confidence in the Nigerian government.
“The truth is that Nigeria’s GDP per capita at independence in 1960 was not 1,847 dollars but 93 dollars,” the group clarified.
It further referenced historical data indicating Nigeria’s population in 1960 was approximately 45.1 million, with a GDP of $4.2 billion.
IMPI stressed that such figures should not be used to draw comparisons across vastly different economic eras.
The policy group accused Adesina of pandering to baseless sentiments and perpetuating narratives influenced by the Global North’s generalizations about developing economies.
While acknowledging Nigeria’s economic challenges, IMPI emphasized that the ongoing reforms by President Bola Tinubu’s administration are crucial for long-term economic transformation.
“We consider Dr. Adesina’s presentation a freestyle generalization and an unbalanced portrayal of Nigeria’s current economic realities,” the group remarked.
It pointed to emerging signs of progress, including diversification in key sectors such as oil and gas, solid minerals, and agriculture, as well as a rebound in industrial profitability under the present government.
IMPI called on critics and economic analysts to adopt a more truthful and nationalistic perspective on Nigeria’s economy, urging support for reforms aimed at fostering a resilient and sustainable economic future.
“There is still much work to be done, but we are confident in the seriousness and appropriateness of the current policies being implemented,” the group concluded. (NAN)
