President of the African Development Bank, Dr. Akinwumi Adesina, has urged Nigeria to embark on urgent and transformative economic reforms if it hopes to join developed nations by 2050.
Speaking at Chapel Hill Denham’s 20th anniversary dinner, Adesina warned that Nigeria must discard decades of policy failures, oil dependency, and weak institutions to achieve inclusive growth.
He lamented that Nigeria’s GDP per capita has plummeted from \$1,847 in 1960 to \$824 today, noting Nigerians are poorer than they were at independence.
Contrasting Nigeria’s economic trajectory with that of South Korea, whose GDP per capita rose from below Nigeria’s in 1960 to \$36,000 today, he urged a complete policy overhaul.
He outlined five key priorities: universal electricity, world-class infrastructure, industrialisation, innovation-driven growth, and agricultural competitiveness. Adesina also highlighted the importance of leveraging pension funds, diaspora expertise, and private capital. “Underdevelopment is not our destiny,” he stressed, urging leaders to invest in technology and diversify the economy.
He cited the Dangote Refinery as a step in the right direction and called for Nigeria to become Africa’s industrial powerhouse.
