AFDB President, Adesina, advocated the brave reform to grow the Nigerian economy

African Development Bank President (AFDB), Dr. Akinwumi Adesina, on Thursday urged Nigeria to turn his economy into a developed country in 2050.

Adesina made a call in a statement following the main speech at the 20th Hill Denham Chapel -20th dinner.

He said Nigeria had to leave backwardness for years by embracing the bold policy to encourage industrialization, economic diversification, and infrastructure development.

“Nigeria is included in the league of developed nations. To get there, we must shift our mindset and pursue fast economic growth,” added the AFDB President.

Adesina blamed Nigeria’s economic decline in several decades of policy failures, weak institutions, and dependence on crude oil exports.

Nigeria, despite its position as the largest economy in Africa, per capita income has fallen significantly, making citizens poorer than in independence.

“Our GDP per capita in 1960 was $ 1,847. Today, he reached $ 824. Nigerians are worse than 64 years ago,” he said.

He identified poor fiscal discipline, policy inconsistency, weak governance, and lack of economic diversification as the main driver of regression.

Adesina compared Nigeria’s economic performance with South Korea, which GDP per capita was lower in 1960 but now at $ 36,000.

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The Head of AFDB, who called for a complete policy overhaul and a stronger institution, warned that without brave reform, Nigeria would continue to be behind his colleagues in Africa and so on.

He urged Nigerian leaders to end oil dependence and invest in technology, industry, and innovation to build a strong economy.

“The backwardness should not be accepted as our destiny. We must free ourselves from this pattern,” he said.

As a way going forward, Adesina outlines five priorities: universal electricity, quality infrastructure, rapid industrialization, growth driven by innovation, and competitive agriculture.

He stressed the need for Nigeria to become an African industrial power plant and quote dangote refineries as a transformative example.

He also highlighted the role of pension funds, diaspora expertise, and private sector capital in building a diverse and strong economy.

“Nigeria in 2050 must be deliberately developed, free of corruption, and lead all Africa,” he concluded.

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