The Independent Media and Policy Initiative (IMPI) has rejected claims made by Dr Akinwumi Adesina, President of the African Development Bank (AfDB), regarding Nigeria’s Gross Domestic Product (GDP) per capita in 1960, stating that the figure was not 1,847 dollars as he claimed.
In a statement issued on Monday, Dr Omoniyi Akinsiju, Chairman of IMPI, stated that Adesina’s assertion, made during a recent keynote address at the 20th anniversary dinner of investment firm Chapel Hill Denham in Lagos, was factually incorrect and misleading.
“We have reviewed Adesina’s remarks, and we believe that the foundation of his speech was both faulty and potentially a deliberate misrepresentation of historical data,” said IMPI.
Adesina had claimed that Nigeria’s GDP per capita in 1960 was 1,847 dollars, suggesting that Nigerians were better off economically at independence than they are now. He further argued that Nigeria’s current GDP per capita of 824 dollars was significantly lower than this alleged 1960 figure.
IMPI countered this by revealing that Nigeria’s actual GDP per capita at independence was 93 dollars, not 1,847 dollars. The group cited historical data which placed Nigeria’s population in 1960 at 45.1 million, with a GDP of 4.2 billion dollars.
The policy group criticised Adesina for making what it called “an ill-motivated manoeuvre at revisionism,” accusing him of presenting exaggerated figures that could undermine public trust in the Nigerian government.
IMPI acknowledged Nigeria’s current economic challenges but stressed that the ongoing reforms under President Bola Tinubu’s administration were essential for long-term economic transformation.
“We recognise that Nigeria has economic difficulties, but we are also encouraged by ongoing reforms aimed at diversifying the economy and strengthening key sectors,” IMPI stated, highlighting the positive developments in oil and gas, solid minerals, and agriculture, as well as improved industrial profitability.
The group called on critics and economic analysts to adopt a more balanced and nationalistic view of Nigeria’s economy and to support the current government’s efforts to build a resilient and sustainable economic future.
“We acknowledge there is still much to be done, but we are confident in the seriousness and appropriateness of the policies being pursued,” IMPI concluded.
(NAN)