The 2023 Labour Party presidential candidate, Peter Obi, has lamented Nigeria’s economic downward trajectory since 2015 when the All Progressives Congress (APC), took power from the People’s Democratic Party (PDP)….READ FULL ARTICLE...READ THE FULL ARTICLE HERE ▶▶
In a statement released on Monday via his X page, Obi said there’s a stark contrast between Nigeria’s economic performance in the first sixteen years of its return to democracy and the past nine years when the APC took power.
Obi wrote, “When Nigeria returned to democratic governance in 1999, it maintained an average GDP growth of about 6.72% for 16 years from 1999-2014,” stating that this growth was not sustained, with GDP growth collapsing to 2.79% in 2015 and the economy slipping into recession in 2016.
“The impressive growth trajectory, unfortunately, was not sustained by the then-new government and our GDP growth collapsed to 2.79% in 2015 and then sank into a recession in 2016 with a negative growth of -1.58% and 0.82% in 2017. For the past 9 years, Nigeria’s economy has seen unprecedented retrogression on many fronts,” he stated.
He further 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,” Obi noted. In contrast, he highlighted that by 2023, Nigeria had fallen to the 4th largest economy in Africa, with a GDP of $375 billion and a per capita income of $1,700.”
According to data obtained from StatiSense, the situation worsened in 2024, with the GDP further declining to an estimated $253 billion and per capita income dropping to $1,087.
Obi however, 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 urgent action to prevent further economic collapse and move the country from consumption to production.
While criticizing 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.
“I have always believed that politics should be about service to the people and the betterment of society. 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. A New Nigeria based on better economic and patriotic thinking is very Possible.”…READ FULL ARTICLE
