The 2023 Labour Party Presidential Candidate, Peter Obi, has expressed deep concern over Nigeria’s economic trajectory since 2015.
In a statement on Monday, Obi highlighted the contrast between Nigeria’s economic performance in the early years of its return to democracy and its current state.
Obi noted that from 1999 to 2014, Nigeria maintained an average GDP growth of 6.72%. However, this growth was not sustained, with GDP growth collapsing to 2.79% in 2015 and the economy slipping into recession in 2016.
He pointed out that in 2014, Nigeria had the biggest economy in Africa, with a GDP of $568.5 billion and a GDP Per Capita of about $3,200. In contrast, by 2023, Nigeria had fallen to the 4th largest economy in Africa, with a GDP of $375 billion and a per capita of $1700.
Obi criticized the current leadership, saying, “Urgent actions need to be taken to salvage the nation from further economic collapse and move it from consumption to production.”
He added, “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.”
Obi called for inclusive and sustainable growth to end the hardship burdening Nigerians, saying, “Only through that can we achieve a peaceful and secure society.”
