Peter Obi, the 2023 Labour Party Presidential Candidate, has called for urgent action to address Nigeria’s ongoing economic crisis.
In a series of tweets on Monday via X, Obi expressed deep concern over the country’s economic decline since 2015 and highlighted the contrast with the earlier years of democratic governance.
“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 noted. However, he pointed out that this growth was not sustained, with GDP growth collapsing to 2.79% in 2015 and the economy slipping into recession in 2016.
Obi emphasized the stark contrast between Nigeria’s economic performance before and after 2015. “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.”
By 2023, Nigeria had fallen to the fourth largest economy in Africa, with a GDP of $375 billion and a per capita income of $1,700. The situation worsened in 2024, with GDP further declining to an estimated $253 billion and per capita income dropping to $1,087. This data was obtained 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, noting, “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 emphasized the need to shift the economy from consumption to production. Obi criticized the current leadership, stating, “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 urged leaders to commit to inclusive and sustainable growth to end the hardship burdening Nigerians, stating that this is the only way to achieve a peaceful and secure society.
Nigeria’s headline inflation rate reached 34.19 per cent in June, with food inflation exceeding 40 per cent, highlighting the severity of the economic challenges faced by the country.
