Peter Obi decries Nigeria’s economic decline, calls for urgent action

The 2023 Labour Party Presidential Candidate, Peter Obi, has expressed deep concern over the country’s economic trajectory since 2015.

 

In a statement on Monday via X, Obi highlighted the contrast between Nigeria’s economic performance in the early years of its return to democracy and its current state.

 

“When Nigeria returned to democratic governance in 1999, it maintained an average GDP growth of about 6.72% for 16 years from 1999-2014,” Obi wrote.

 

However, he pointed out that this growth was not sustained, with GDP growth collapsing to 2.79% in 2015 and the economy slipping into recession in 2016.

 

He said, “In 2014, just before the inception of a new administration a year later, Nigeria had the biggest economy in Africa with a Gross Domestic Product of $568.5 billion and a GDP Per Capita of about $3,200.”

 

In contrast, he noted that by 2023, Nigeria had fallen to the 4th largest economy in Africa, with a GDP of $375 billion and a per capita of $1700.

 

Accordingly, the situation worsened in 2024, with the GDP further declining to an estimated $253 billion and per capita dropping to $1087.

 

This is according to data obtained from StatiSense, an AI data company specialising in financial report analysis, bank statement evaluation, and AI chatbot services.

 

Subsequently, the former governor expressed alarm at the current state of affairs, saying, “Today, poverty is pervasive and on the increase. Unemployment is rising. Food inflation has skyrocketed to over 43%. Foreign and local investors are losing faith in the future growth of our economy and are leaving in large numbers. Businesses are shutting down.”

 

Obi called for urgent action to prevent further economic collapse and move it from consumption to production as he criticised the current leadership.

 

Obi said, “Urgent actions need to be taken to salvage the nation from further economic collapse and move it from consumption to production.

 

“However, instead of concerning ourselves with all these challenges threatening our collective existence and finding ways to recreate an inclusive and sustainable economy, pull millions of people out of poverty, and return our nearly 20 million out-of-school children to schools, our leaders are more concerned with funding their selfish luxuries and individual lavishness, while throwing blames at others who are only committed to solving the nation’s problems.

 

“In the face of all these challenges, we the leaders should commit to inclusive and sustainable growth to end the hardship which has continued to burden our fellow Nigerians. Only through that can we achieve a peaceful and secure society.”