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Nigeria GDP Plunges to 1960 Record Low Nigeria’s economic challenges deepened this week with new data showing the country’s GDP per capita has fallen to $824, a level lower than it was at independence in 1960. The stark assessment came from Dr. Akinwumi Adesina, President of the African Development Bank, during a high-profile event on Africa’s industrialization in the United States. The announcement serves as a sobering indicator of the economic stagnation that has gripped Africa’s most populous nation. At $824, the GDP per capita reflects the average income per Nigerian, adjusted for the country’s population size. In contrast, at the time of independence, GDP per capita was estimated at $1,000 when adjusted for today’s value. The downward trajectory signals not only declining individual prosperity but also systemic weaknesses in economic management and industrial policy. Dr. Adesina attributed the slide to Nigeria’s failure to industrialize and diversify its economy. “No nation has ever developed by depending on raw materials,” he said, underscoring the need for Nigeria to shift away from an over-reliance on oil exports and embrace value-added manufacturing and agro-industrial processing. Nigeria’s economy, once hailed as Africa’s largest, has struggled in recent years under the weight of multiple shocks: currency devaluations, soaring inflation, policy inconsistency, and insecurity that disrupts agricultural production and deters investment. While government officials have repeatedly pledged reforms, tangible progress has lagged, leaving citizens grappling with higher living costs and fewer economic opportunities. According to the National Bureau of Statistics, Nigeria’s inflation rate stood at 33.2% in March 2025, one of the highest in the world. Food inflation is even more severe, pushing millions below the poverty line. Analysts say these pressures are eroding the middle class and amplifying social discontent. The African Development Bank’s warning comes at a critical juncture. Nigeria's population is projected to surpass 230 million this year, with a median age of just 18. Without decisive policy shifts to foster industrialization, job creation, and export diversification, the demographic boom could transform into a demographic crisis. Efforts to revive the manufacturing sector have faced headwinds, including chronic power shortages, poor infrastructure, and a foreign exchange regime that discourages investment. The collapse of major industries in textiles, automotive assembly, and petrochemicals has left the economy heavily dependent on imports, further pressuring the naira. Dr. Adesina called for massive investments in special economic zones, industrial parks, and transport corridors, backed by clear policy frameworks to attract private sector participation. He also urged the government to unlock financing for small and medium enterprises, which form the backbone of the economy. As Nigeria confronts its worst GDP per capita figures in over six decades, the message from development experts is clear: the status quo is unsustainable. Without urgent reforms to stimulate productivity, enhance competitiveness, and expand the industrial base, Africa’s giant risks becoming a cautionary tale of missed opportunities. The Editorial Team, ECP Channel _The Truth and Nothing But the Truth_ Join ECP Channel 👇🏾👇🏾👇🏾👇🏾👇🏾👇🏾👇🏾 https://chat.whatsapp.com/D1cSObqJEKlDJolEkxCowT