Since 2015, Peter Obi, the presidential candidate of the Labour Party for 2023, has voiced grave concerns about the direction of the economy in his native nation.
Obi emphasized the differences between Nigeria’s economic success in the early years of its restoration to democracy and its current status in a statement released on Monday through X.
“Nigeria maintained an average GDP growth of about 6.72% for 16 years from 1999-2014, when it returned to democratic governance in 1999,” said Obi.
He did, however, note that this rise was not maintained, as the GDP shrank to 2.79% in 2015 and the country entered a recession the following year.
“In 2014, Nigeria had the largest economy in Africa with a Gross Domestic Product of $568.5 billion and a GDP Per Capita of approximately $3,200, just before the start of a new administration a year later,” he stated.
On the other hand, he pointed out that, with a GDP of $375 billion and a per capita of $1700, Nigeria had dropped to the fourth rank of all African economies by 2023.
As a result, things became worse in 2024, when the GDP fell to an expected $253 billion and the per capita fell to $1087.
This is based on information from StatiSense, an AI data provider that specializes in bank statement review, financial report analysis, and AI chatbot services.
The former governor then voiced concern over the current situation, stating, “Poverty is widespread and growing today.” The rate of unemployment is growing. The increase in food prices has reached above 43%. Both local and foreign investors are fleeing in significant numbers as they lose faith in the potential growth of our economy. Companies are closing their doors.
Obi criticized the current government and demanded immediate action to stop further economic collapse and shift the economy from consumption to manufacturing.
Obi stated, “The country needs to shift from consumption to production and take immediate action to prevent further economic collapse.”
“We, as leaders, must pledge to achieve inclusive and sustainable growth in the face of these obstacles in order to alleviate the suffering that continues to befall our fellow Nigerians. That is the only way we can create a society that is safe and tranquil.
