Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), has expressed grave concern over Nigeria's economic trajectory, stating that the average Nigerian is now worse off than they were at independence in 1960.
In a recent address, Adesina highlighted the alarming levels of poverty and underdevelopment in the country. He noted that, according to the National Bureau of Statistics, approximately 63% of Nigerians—about 133 million people—are multidimensionally poor, lacking access to essential services like clean energy, sanitation, healthcare, and education. This pervasive poverty, he warned, has led to an increase in social vices and insecurity across the nation.
Adesina also pointed out the severe challenges facing Nigeria's industrial sector. He revealed that the country loses an estimated $29 billion annually due to unreliable power supply, which constitutes about 5.8% of its GDP. Additionally, Nigerians spend approximately $14 billion each year on generators and fuel, underscoring the critical need for reliable electricity to support economic activities.
The AfDB President called for urgent and comprehensive efforts to address these issues, emphasizing the need for investments in infrastructure, education, healthcare, and job creation. He also advocated for a shift towards industrialization, citing examples from countries like Malaysia and Vietnam, which have successfully transformed their economies through industrial diversification.
Adesina's remarks serve as a stark reminder of the challenges Nigeria faces in achieving sustainable economic development and improving the living standards of its citizens. His call to action urges both government and private sector stakeholders to prioritize reforms that can lead to meaningful change.
