AFDB BOSS ADESINA CALLS FOR BOLD REFORMS FOR NIGERIA'S ECONOMIC FUTURE.
The President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, has called on the Nigerian government to transform its economy to become a developed nation by 2050.
Adesina made the call in his keynote address at Chapel Hill Denham’s 20th anniversary dinner, attributing Nigeria's economic decline to policy failures, weak institutions, and dependence on crude oil exports.
Noting that Nigeria's per capita income has dropped from $1,847 in 1960 to $824 today, thereby making citizens poorer than at independence, Adesina cited South Korea's economic success as an example, with a current per capita GDP of $36,000.
The AfDB boss called for a policy overhaul, stronger institutions, and investment in technology, industry, and innovation to build a resilient economy.
He also outlined five priorities comprising universal electricity, quality infrastructure, rapid industrialization, innovation-driven growth, and competitive agriculture.
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