Backlash trails Bayo Onanuga’s critique of Akinwumi Adesina’s GDP comment

A fresh wave of criticism greeted Presidential aide, Bayo Onanuga after he publicly disputed recent claims by outgoing AfDB President, Dr. Akinwumi Adesina, regarding Nigeria’s GDP per capita and living conditions.

Dr. Adesina had stirred conversation during a speech where he asserted that Nigerians are worse off today than in 1960, citing GDP per capita figures to back his claim. According to him, the country’s per capita income was $1,847 in 1960 and had fallen to $824 today. However, Onanuga took to X (formerly Twitter) to challenge the data, accusing the respected banker of relying on inaccurate figures.

Citing sources like Nairametrics and historical economic data, Onanuga argued that Nigeria’s GDP in 1960 stood at $4.2 billion with a population of 44.9 million, giving a per capita income of just $93—far lower than Adesina’s claimed $1,847. He emphasized that Nigeria’s economic boom didn’t occur until the 1970s oil windfall, with significant increases in per capita income not recorded until the early 1980s.

“GDP per capita is not a reliable tool for measuring living standards,” Onanuga wrote. “It doesn’t show income inequality, informal economy contributions, or access to healthcare, education, and infrastructure improvements made over the decades.”

He went further to list the nation’s progress since independence—expanded road networks, increased access to education, healthcare, mobile telecommunications, and digital services—arguing that these indicators paint a more comprehensive picture of national development than GDP alone.

But Onanuga’s detailed post has sparked heated reactions online. Critics questioned his authority to counter a globally acclaimed economist and former Nigerian Minister of Agriculture, with many accusing him of downplaying the economic hardships currently facing Nigerians.

“Are you now the one to teach Akinwumi Adesina about economics?” one X user queried, while another added, “Tell that to the millions living on less than $2 a day.”

Read some netizens’ reactions below;

@U_Rochas: A professional banker with a proven track record and extensive experience came forward with a well-researched, unbiased, and non-political assessment, yet Oga Bayo is still talking about “facts.”

Dear Oga Bayo, Dr. Akinwumi Adesina is the fact you’ve been looking for. Search no more.

@Donteddy15: This old man nor dey tire to LIE? So, you’re now more English than Queen Elizabeth. What do you know about economics? @aonanuga1956

@Emekaelenwoke: Shame on you bayo! Big shame!!! What pains me is that you’re getting old and yet telling lies. When will the lies stop? In the grave? Damn!!!

@Omoluabi_T: Mr Bayo, its not everything you defend.
Imagine using common, basic mobile telephony services to measure growth. Most are not even owned indigenously and are robbing Nigerians day and night.
We are now the poverty capital of the world and the clueless government you serve have no answers to poverty, insecurity, backward infrastructure, corruption etc.

@Priviledgeboy: I’ve never seen a government so blind and obtuse to the truth like the Government of the Aso Rock goblin.
They have mastered the devilish act of always releasing their attack dogs on every voice of dissent. A Government heading the path of destruction being warned but stubborn.

Despite the backlash, Onanuga defended his position by pointing to real-world examples, such as the success of telecom companies like MTN. He explained how early economic assessments wrongly assumed Nigerians couldn’t afford GSM services based on GDP data, yet MTN now reports over 84 million subscribers and quarterly revenues of over N1 trillion.

In closing, he maintained that while Nigeria’s economy is far from perfect, the suggestion that citizens were better off in 1960 than today is a flawed and narrow conclusion that ignores context and broader development indicators.