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Abuja – The African Development Bank (AfDB) President, Dr. Akinwumi Adesina, urged Nigeria to change its economy greatly to become a developed country by 2050. The AfDB President statement highlighted the need for strong actions. These actions should drive industrial growth, make the economy rely on more things than oil, and build better infrastructure.
Dr. Adesina believes Nigeria should be a developed nation. He stated directly, “Nigeria belongs in the league of developed nations. To get there, we must shift our mindset and pursue rapid economic growth.”
Why Reforms Are Needed, Says AfDB President Nigeria Economy
Dr. Adesina said Nigeria’s economic slowdown happened because of policies that did not work for many years. He also blamed weak government groups and depending too much on selling crude oil. He showed how the average income per person (GDP per capita) has dropped much. He noted that citizens are poorer now than many years ago. He said, “Our GDP per capita in 1960 was $1,847. Today, it stands at $824. Nigerians are worse off than 64 years ago.” This comparison points to a clear need for change.
Key Steps for Nigeria’s Growth
The AfDB President view leads to specific recommendations. Dr. Adesina called for a full change in policies and stronger government groups. He warned Nigeria would fall behind other countries without bold reforms.
He listed five main things Nigeria needs to do for its economy to grow:
- Give electricity to everyone.
- Build good quality infrastructure like roads and power plants.
- Make industries grow fast.
- Use innovation to drive growth.
- Make agriculture competitive.
Dr. Adesina shared a clear picture for 2050. He concluded, “The Nigeria of 2050 must be deliberately shaped — developed, corruption-free, and leading the rest of Africa.”
By Kayode Ojo
