Adesina’s claims on Nigeria’s GDP per capita: The facts tell a different story

Adesina

By JAMIU JAMODU

A few days ago, outgoing AfDB President Akinwumi Adesina claimed that Nigerians today are worse off than in 1960, basing his conclusion on figures that do not align with available data.

According to Nairametrics, he claimed that Nigeria’s GDP per capita in 1960 was $1847 and that it is $824 today. The quoted figures are not correct.

According to available data, our country’s GDP was $4.2 billion in 1960, and per capita income for a population of 44.9 million was $93, not even one hundred dollars.

Our country’s GDP did not rise remarkably until the 1970s, when crude earnings ballooned. In 1970, our GDP rose to $12.55 billion. In 1975, it was $27.7 billion, $64.2 billion in 1980, and $164 billion in 1981. Up until 1980, per capita income did not exceed $880. It rose to $2187 in 1981 and dropped to $1844 in 1982. In 2014, after rebasing, it reached an all-time high of $3,200.

These facts raise questions about the source of Dr Adesina’s figures.

But my mission in this response is not to poke holes in the erudite African banking president’s figures. The more substantive issue lies in Dr. Adesina’s conclusion based on these numbers.

Dr Adesina should know that GDP per capita is not the only criterion used to determine whether people live better lives now than in the past. Indeed, it is a poor tool for assessing living standards.