The 2023 Labour Party Presidential Candidate, Peter Obi, has shown deep worry over the country’s economic direction since first year of Former President Muhammadu Buhari’s eight-year tenure.
In a message on Monday via X, Obi pointed out the difference between Nigeria’s economic performance in the early years of its return to democracy and its current condition.
“When Nigeria returned to democratic governance in 1999, it maintained an average GDP growth of about 6.72% for 16 years from 1999-2014,” the Former Governor of Anambra State wrote.
“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.
The situation got worse in 2024, with the GDP falling further to around $253 billion and per capita income dropping to $1087.
The former governor expressed deep concern about the current conditions, stating, “Today, poverty is widespread and increasing. Unemployment is going up. Food prices have shot up by over 43%. Foreign and local investors are losing confidence in our economy’s future and are leaving in large numbers. Businesses are closing down.”
Obi called for immediate action to stop further economic decline and shift from consumption to production as he criticized the current leadership.
“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,” he concluded.
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