• About
  • Advertise
  • Contact
Saturday, August 23, 2025
  • Login
Vital News
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
Vital News
No Result
View All Result
Home Economy

You Goofed On Nigeria’s GDP At Independence, IMPI Tells AfDB President, Adesina

Vital News by Vital News
May 6, 2025
in Economy
0
You Goofed On Nigeria’s GDP At Independence, IMPI Tells AfDB President, Adesina
Share on FacebookShare on Twitter

The Independent Media and Policy Initiative (IMPI) says Nigeria’s Gross Domestic Product (GDP) per capita at independence in 1960 was $93, not $1,847.

This is contrary to the submission of the President of the African Development Bank AfDB Dr Akinwumi Adesina at a recent forum in Lagos.

IMPI in a statement signed by its Chairman, Dr Omoniyi Akinsiju, posited that its review of Adesina’s position showed that it was a misrepresentation of fact.

The policy think than group said: “We have reviewed some of the submissions made by the President of the African Development Bank (AfDB), Dr Akinwumi Adesina in his keynote address at the 20th anniversary dinner of investment firm, Chapel Hill Denham and found the whole foundation of the keynote address, not only faulty, uncharitable and, as it were, a deliberate misrepresentation of fact and figures.

“Apparently, in a bid to prove the point of the topic of the speech entitled: “Reimagining Nigeria by 2050,” the former Nigeria’s Agriculture Minister surmised that Nigeria is facing a deeper economic recession than many realised.

RelatedStories

FAAC Shares N2.001 July 2025 Revenue To FG, States, LGs

Ahead TICAD9 Summit, President Tinubu Arrives Japan

146 Nigerian Women Entrepreneurs To Access $50mln WTO Trade Grant

Capital Inflows Into Nigeria Up By 67.12% In Q1 2025

“To justify this assertion, he stated that with a current Gross Domestic Product per capita of just $824, Nigerians are significantly worse off than they were at independence in 1960 when the country’s GDP per capita was $1,847.

“While we still ponder what exactly may be the intentions of the President of the AfDB at this brazen and ill motivated manoeuvre at revisionism, we believe this is another of those propagation of conjured up figures to erode public confidence in the government by deriding the Nigerian brand and its cherished values as has become the pastime of some Nigerian elites.

“The truth of the matter is that Nigeria’s GDP per capita at independence in 1960 was not anywhere near $1,847, rather, it was $93. GDP per capita is a key economic indicator which measures a country’s gross domestic product divided by its population.

“Nigeria’s population in 1960 was approximately 45.1 million people while the GDP was $4.2billion. At $93, we do not think by any stretch of imagination that the nation’s GDP per capita in 1960 should form the basis of analysis and comparison of economic eras as the President of the AfDB did in his keynote address.

“In our consideration, it sounds like an opportunistic exploitation of base sentiments against Nigeria’s federal administration.

“As a matter of fact, we believe Nigerians are deserving of well-grounded research and better contextualised analysis and postulations on possible approaches to Nigeria’s economic growth trajectory.”

IMPI acknowledged Nigeria’s economic challenges but noted that ongoing reforms by the current administration are crucial for building a more resilient economy.

“Indeed, the fact of Nigeria’s economic challenges as Dr Adesina would want Nigerians to believe is not in doubt but to amplify it beyond ongoing economic reforms being undertaken by the federal administration of President Bola Tinubu, is to say the least, uncharitable.

“We consider Dr Adesina’s presentation more of a free-style generalisation of what has become the global north’s generalisation of economic attributions of countries of the global south.

“Contrary to this generalisation, we have continued to witness the growing diversification of the Nigerian economy on the time tested economic principle of cheaper exports relative to other jurisdictions based on exchange rates differentials.

“In addition, we have begun to see increased processing of our primary products in the oil and gas sector, solid minerals and agriculture in the realisation of long desired objectives of value addition to our raw materials.

“We are also witnessing strong rebounds in industry’s profitability under the current dispensation a show of policy impact on the manufacturing and related industries.

“Of course, there is much to be done but our appeal to Nigerian critics and experts is to adopt a more nationalistic outlook to analysing the state of the Nigerian economy by being truthful no matter the temptation of playing to the gallery.

“We encourage the federal administration to hold the course of the ongoing economic reforms.

“We are in no way under the illusion of an immediate
turn-around of the economic situation of the Nigerian state.

“We are, however, persuaded about the seriousness and appropriateness of the policies that are being deployed in structuring an enduring and sustainable economic legacy for the country by the federal administration,” it added.
(vitalnewsngr.com)

Tags: GDPindependenceNigeriaper capita
Previous Post

Kwara Rice Farmers Hail Etsu Patigi’s Leadership At Sixth Anniversary

Next Post

Six Reps Members, Edo, Delta Speakers, 22 State Lawmakers Defect From PDP To APC

Vital News

Vital News

RelatedStories

FAAC Disburses N1.678trn February Revenue To FG, States, LGs
Economy

FAAC Shares N2.001 July 2025 Revenue To FG, States, LGs

August 22, 2025
Yelewata Masacre : President Tinubu To Visit Benue State June 18
Economy

Ahead TICAD9 Summit, President Tinubu Arrives Japan

August 18, 2025
146 Nigerian Women Entrepreneurs To Access $50mln WTO Trade Grant
Business

146 Nigerian Women Entrepreneurs To Access $50mln WTO Trade Grant

August 15, 2025
Capital Inflows Into Nigeria Up By 67.12% In Q1 2025
Economy

Capital Inflows Into Nigeria Up By 67.12% In Q1 2025

August 11, 2025
AfDB Lauds Gov. Ododo Over Commitment To Agriculture, Food Security, Includes Kogi Among SAPZ Beneficiaries
Agriculture/ Water/ Mineral

AfDB Lauds Gov. Ododo Over Commitment To Agriculture, Food Security, Includes Kogi Among SAPZ Beneficiaries

August 6, 2025
Next Post
Six Reps Members, Edo, Delta Speakers, 22 State Lawmakers Defect From PDP To APC

Six Reps Members, Edo, Delta Speakers, 22 State Lawmakers Defect From PDP To APC

South African Football Chief, Wife, Arrested Over R13mln Fraud

South African Football Chief, Wife, Arrested Over R13mln Fraud

Senate Establishes 18-man Committee To Oversee Administration Of Rivers

Senate Establishes 18-man Committee To Oversee Administration Of Rivers

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow Us

Recommended

Hijrah 1446A.H : MMPN Demands National Holiday For Islamic New Year

Hijrah 1446A.H : MMPN Demands National Holiday For Islamic New Year

1 year ago
ASCSN Insists On Merit In Selection Of Federal Permanent Secretaries

ASCSN Insists On Merit In Selection Of Federal Permanent Secretaries

2 years ago

You are a liar, you offered me VP slot in 2007, Tinubu to Atiku Abubakar

3 years ago
Don’t Allow Challenges Overtake You, Nigeria Will Be Better , Primate Ndukuba Assures Nigerians

Don’t Allow Challenges Overtake You, Nigeria Will Be Better , Primate Ndukuba Assures Nigerians

3 years ago

Instagram

    Please install/update and activate JNews Instagram plugin.

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

Topics

Abiodun Abuja APC arrest Atiku Bandits Bello Benue Buhari CBN cement Court Dangote death dies drugs Economy EFCC Election elections FG gunmen Hajj INEC Kano kidnap Kill Kogi Kwara Lagos NDLEA Niger Nigeria Ododo Ogun Oyo PDP Police Power refinery rescue road Security students Tinubu
No Result
View All Result

Highlights

Appeal Court Orders Kogi To Pay Ex-Deputy Governor, Simon Achuba, N1.07bln Salary Arrears

First Lady’s Delegation Pays Condolence Visit to Governor Ododo Over Father’s Passing

KB Klub Holds Largest Blood Donation Drive, Raises 500pints Of Blood In Lagos

Don’t Stay Away From Home, President Tinubu Tell Nigerians In Japan, Says Nigeria On The Rise Again

Abia Secures $750mln World Bank Support For Renewable Energy

Woman Mistaken For Kidnapper Killed By Irate Mob In Ilorin

Trending

Dangote Cement Re-trains 900 Truck Drivers To Boost Operational Efficiency
News

Dangote Cement Re-trains 900 Truck Drivers To Boost Operational Efficiency

by Vital News
August 22, 2025
0

The management of Dangote Cement Plc (DCP) has restated its commitment to training and constant retraining of...

Japan Designates Kisarazu City As Hometown For Nigerians

Japan Designates Kisarazu City As Hometown For Nigerians

August 22, 2025
FAAC Disburses N1.678trn February Revenue To FG, States, LGs

FAAC Shares N2.001 July 2025 Revenue To FG, States, LGs

August 22, 2025
Appeal Court Orders Kogi To Pay Ex-Deputy Governor, Simon Achuba,  N1.07bln Salary Arrears

Appeal Court Orders Kogi To Pay Ex-Deputy Governor, Simon Achuba, N1.07bln Salary Arrears

August 22, 2025
First Lady’s Delegation Pays Condolence Visit to Governor Ododo Over Father’s Passing

First Lady’s Delegation Pays Condolence Visit to Governor Ododo Over Father’s Passing

August 22, 2025
ADVERTISEMENT
Vital News

Vital News is an online newspaper with a mission to uphold professional journalism by reporting and publishing only facts and figures-based news reports across Nigeria and beyond.

Recent News

  • Dangote Cement Re-trains 900 Truck Drivers To Boost Operational Efficiency August 22, 2025
  • Japan Designates Kisarazu City As Hometown For Nigerians August 22, 2025
  • FAAC Shares N2.001 July 2025 Revenue To FG, States, LGs August 22, 2025

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

© 2022 Vital News - . All Rights Reserved.

No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security

© 2022 Vital News - Vital News by Vital News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In