The president of the African Development Bank (AFDB), Dr. Akinwumi Adesina, has urged Nigeria to accelerate his economic transformation to become a developed country for 2050.
Adesina made the call in a statement on Thursday, after her opening speech at the 20th anniversary of Chapel Hill Denham.
He emphasized the need for Nigeria to go beyond decades of underdevelopment through the adoption of bold policies aimed at promoting industrialization, economic diversification and infrastructure growth.
“Nigeria belongs to the developed nations league. To get there, we must change our mentality and pursue rapid economic growth,” he said.
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Adesina attributed Nigeria's economic stagnation to decades of policy failures, weak institutions and excessive dependence on crude oil exports.
Despite being the largest economy in Africa, he said that the country's per capita income has collapsed, leaving the poorest citizens than they were in independence.
“Our GDP per capita in 1960 was $ 1,847. Today, it is $ 824. Nigerians are worse than 64 years ago,” he said.
He identified the bad fiscal discipline, political inconsistency, weak governance and lack of economic diversification as important causes of Nigeria's economic deterioration.
When comparing Nigeria's economic trajectory with that of South Korea, Adesina said that, although both countries had similar per capita GDP in 1960, the number of South Korea since then has shot at $ 36,000.
The President of AFDB requested a comprehensive policy review and the strengthening of institutions, warning that without bold reforms, Nigeria would continue to delay.
He urged Nigerian leaders to dismiss the country of their oil dependence and aggressively invest in technology, industrial development and innovation to build a resistant economy.
“Underdevelopment should not be accepted as our destiny. We must free ourselves from this pattern,” he said.
To achieve this, Adesina described five key priorities: universal access to electricity, quality infrastructure, rapid industrialization, growth based on competitive innovation and agriculture.
He emphasized the need for Nigeria to become an African industrial power, citing the Dangote refinery as a transformative potential model.
In addition, he stressed the importance of taking advantage of pension funds, the experience of the diaspora and the private sector investment in the construction of a diverse and sustainable economy.
“The Nigeria of 2050 must be deliberately formed: developed, free of corruption and leading the rest of Africa,” Adesina said.
Nigerian tribe