Akinwumi Adesina, President of the African Development Bank (AfDB), has urged Nigeria to urgently transform its economy to become a developed country by 2050.
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.
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 capita 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.
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.
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. (NAN)
Workers decry deteriorating living standard in Nigeria
Nigerian workers have decried the deteriorating living standards of workers, calling on the government to address the development.
Speaking with the News Agency of Nigeria (NAN) on Thursday, in Ibadan, during the 2025 May Day celebration, some of the workers expressed concerns over the impoverished condition many ordinary Nigerian live in.
According to them, several factors, such as high electricity/internet tariff, pump price of petrol, introduction of numerous taxes, among others have negative effect on workers.
Samson Oloyede, an official of the Nigeria Labour Congress (NLC), said that Nigeria’s workforce had ‘gone above and beyond’ for the country’s progress.
Oloyede, who said Nigerian workers deserve appreciation and respect for their contributions to national development, implored government to urgently address the plight of workers and vulnerable Nigerians.
He drew government’s attention to some of the areas that need to be addressed to enhance the living standard of workers.
Oloyede cited the high cost of fuel, rising food costs, and inflation, which continue to adversely affect workers’ net income.
Also, Timi Olougbebe, a member of the Tricycle Association of Nigeria, corroborated Oloyede, stating that fuel prices have gone up beyond the reach of ordinary Nigerians.
Olougbebe said that transport fares have increased, prices of goods, including motor spare parts and other items are galloping.
“Just imagine, purchasing on installment a brand new Tricycle machine for N4million.
“The hardship in the country have resulted in the untimely death of many Nigerians, and calls for urgent intervention,” he said.
On her part, Modupe Ojo, a federal civil servant, urged government to review some of its policies towards mitigating the economic hardship facing workers and Nigerians at large.
“Government should take proactive measures that will impact positively on the generality of citizens’ living conditions.
“It is very unfortunate that the so called N70,000 minimum wage could not match the current hyperinflation in the country,” she stated.
A member the National Union of Road Transport workers (NURTW), who simply identified himself as Kunle, urged government to reduce import duty on vehicles.
Kunle noted that naira depreciation and increased import duty have made it difficult for transporters to buy vehicles for their operations.
According to him, the removal of fuel subsidy had adversely affected the operations of commercial drivers.
Speaking in the same vein, Jimoh Adeleke, a federal civil servant, appealed to the government to review the N70,000 minimum wage.
According to him, the minimum wage could no longer match the current inflation rate in Nigeria.
Adeleke also pleaded with the Federal government to pay the five months arrears of wage award at once, instead of in installments.
