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HomeEconomyPeter Obi Decries Nigeria's Economic Decline and Urges Immediate Action

Peter Obi Decries Nigeria’s Economic Decline and Urges Immediate Action

 

Peter Obi, the 2023 Labour Party Presidential Candidate, has voiced grave concerns about Nigeria’s economic decline since 2015. In a recent statement on X, Obi contrasted Nigeria’s robust economic performance during the early years of its return to democracy with its current decline.

 

Obi recalled that from 1999 to 2014, Nigeria’s GDP growth averaged around 6.72%. This period marked a time of significant economic expansion, with Nigeria emerging as Africa’s largest economy in 2014, boasting a GDP of $568.5 billion and a GDP per capita of approximately $3,200.

 

However, this upward trajectory was not sustained. By 2015, GDP growth had plummeted to 2.79%, and the economy slipped into recession in 2016. By 2023, Nigeria had fallen to the fourth largest economy in Africa, with its GDP reduced to $375 billion and GDP per capita dropping to $1,700. The situation further deteriorated in 2024, with estimates showing a GDP decline to $253 billion and per capita income falling to $1,087.

 

These statistics were corroborated by data from StatiSense, a firm specializing in financial report analysis and AI data services.

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Obi highlighted the severe economic issues currently facing the country. He noted a sharp rise in poverty and unemployment rates, with food inflation soaring over 43%. The exodus of both foreign and local investors signals a lack of confidence in Nigeria’s economic future, leading to business closures across the nation.

 

Criticizing the current leadership, Obi emphasized the need for urgent measures to prevent further economic collapse. He stressed the importance of transitioning Nigeria from a consumption-based to a production-oriented economy.

 

Obi stated, “Urgent actions need to be taken to salvage the nation from further economic collapse and move it from consumption to production. Our leaders must focus on recreating an inclusive and sustainable economy, lifting millions out of poverty, and returning nearly 20 million out-of-school children to education.”

 

He also condemned the prioritization of personal luxuries over national welfare by current leaders, urging them to commit to inclusive and sustainable growth to alleviate the ongoing hardships faced by Nigerians. Obi concluded that only through such efforts can Nigeria achieve a peaceful and secure society.

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