Presidential hopeful Abayomi Mighty has thrown his weight behind the recent statement by African Development Bank (AfDB) President, Dr. Akinwumi Adesina, on the deteriorating state of Nigeria’s economy, endorsing the sobering statistics and analysis that portray the country’s economic downturn as unprecedented since independence.
In a public response released on Sunday, Abayomi Mighty described Adesina’s report as “a painful but truthful reflection” of the struggles facing Nigerians, and emphasized that this moment of reckoning must be met with both honesty and genuine hope.
Dr. Adesina, while speaking at Chapel Hill Denham’s 20th anniversary dinner in Lagos, revealed that Nigeria’s GDP per capita has collapsed to $824—significantly lower than the $1,847 recorded in 1960. Despite being Africa’s largest economy in gross domestic product, Nigeria now ranks far behind in development and industrialization, even compared to countries that once trailed it, such as South Korea, which now boasts a per capita income of over $36,000. Dr. Adesina blamed the collapse on decades of policy missteps, overdependence on oil, weak institutions, and underinvestment in critical sectors.
Backing this assertion, Abayomi Mighty stated that Adesina’s data merely confirms the lived realities of millions of Nigerians. “The statistics only give numeric weight to what people are experiencing every day—poverty, joblessness, food inflation, failing infrastructure, and a collapse of public confidence,” Abayomi Mighty noted.
He also pointed to other worrying economic indicators, including the naira’s dramatic devaluation—hovering around ₦1,300 to $1 as of April 2025—and an inflation rate that has remained above 30%, according to recent reports by Nigeria’s National Bureau of Statistics (NBS).
Abayomi Mighty also referenced the World Bank’s April 2025 update on Nigeria, which ranked the country among the top ten nations with the highest food insecurity and noted a surge in the cost of essential commodities. Additionally, the International Monetary Fund (IMF) recently warned that Nigeria’s debt servicing is consuming over 80% of government revenue, a trend that undermines national growth and burdens future generations.
Abayomi Mighty described the economic state as “an era of national depression,” yet called on Nigerians not to lose hope. He acknowledged the widespread hardship under the current administration, which he blamed for compounding inherited challenges with policy inconsistency, weak fiscal discipline, and disconnection from grassroots realities. “But while the statistics are dire, they are not destiny. They must be a catalyst for action, not surrender,” he said.
Abayomi Mighty has urged Nigerians to prepare for a “rebirth of vision, purpose, and strategic leadership.” According to him, Nigeria’s transformation will require embracing bold structural reforms in line with Adesina’s five-point agenda—universal access to electricity, world-class infrastructure, rapid industrialisation, innovation-driven development, and competitive agriculture.
Abayomi Mighty particularly emphasized leveraging Nigeria’s pension funds, capital markets, and diaspora networks to finance transformative projects. He said: “We cannot borrow our way out of poverty. We must build capacity locally—human and industrial—and execute with precision and patriotism.”
Abayomi Mighty lauded the Dangote Refinery as a glimpse of what is possible through indigenous capital and private sector initiative, while stressing the need for broader systemic support. He also called on the current administration to stop what he termed “foreign retreat governance,” referring to President Tinubu’s repeated international trips.
“The President must lead decisively. Nigeria needs presence, not absenteeism. He must summon his security chiefs, economic managers, and community leaders for immediate collaboration and crisis response,” Abayomi Mighty stated.
Abayomi Mighty reaffirmed his commitment to leading Nigeria on a new trajectory when elected in 2027.
“We must move from potential to performance. The Nigeria of our dreams is possible—one of dignity, opportunity, and justice. Let us not despair. Let us organize. And let us choose a new path that gives meaning to our struggles,” he said, offering a message of REAL HOPE to a nation on the brink.