Peter Obi, the 2023 Labour Party Presidential Candidate, has made an immediate call for action to address the ongoing economic crisis in Nigeria.
In a series of tweets posted on Monday via his social handle, Obi voiced his deep concerns over the nation’s economic direction since 2015.
He stated the stark difference 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, this growth was not sustained, with GDP growth plummeting to 2.79% in 2015, and the economy slipping into recession in 2016.
“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,” Obi said.
He contrasted this with the situation in 2023, noting that Nigeria had fallen to the 4th largest economy in Africa, with a GDP of $375 billion and a per capita of $1700.
The situation worsened in 2024, with GDP further declining to an estimated $253 billion and per capita dropping to $1087, according to data from StatiSense, an AI data company specializing in financial report analysis, bank statement evaluation, and AI chatbot services.
Obi expressed alarm at the current state of affairs, stating, “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.”
He called for quick action to prevent further economic collapse. The present government should proactively engage activities and policies that will shift the economy from consumption to production.
Obi stated further, “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.”
