Former Anambra State Governor and Labour Party presidential candidate in the 2023 election, Peter Obi, has warned about Nigeria’s economic decline over the past nine years.
Speaking on the nation’s economic trajectory since the return to democratic governance in 1999, Obi highlighted the urgent need to shift from consumption to production to avert further economic collapse.
According to Obi, who issued a statement on X.com, Nigeria experienced robust economic growth from 1999 to 2014, maintaining an average GDP growth rate of about 6.72%.
This period of prosperity, he said, positioned Nigeria as Africa’s largest economy in 2014, with a Gross Domestic Product (GDP) of $568.5 billion and a GDP per capita of approximately $3,200.
However, this growth was not sustained under the new administration that took office in 2015.
“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 a slight recovery to 0.82% in 2017,” Obi stated.
“For the past nine years, Nigeria’s economy has seen unprecedented retrogression on many fronts.”
Recent reports paint a grim picture of Nigeria’s economic standing.
By 2023, Nigeria’s GDP had declined to $375 billion with a per capita income of $1,700. Projections for 2024 are even bleaker, with an estimated GDP of $253 billion and a per capita income of $1,087.
This significant decline has seen Nigeria fall from the largest economy in Africa to the fourth largest.
“Poverty is pervasive and on the increase, unemployment is rising, and food inflation has skyrocketed to over 43%,” Obi remarked.
“Foreign and local investors are losing faith in the future growth of our economy and are leaving in large numbers. Businesses are shutting down.”
Obi emphasised the need for urgent action to reverse this trend and called for policies that foster an inclusive and sustainable economy.
“Instead of concerning ourselves with the challenges threatening our collective existence and finding ways to recreate an inclusive and sustainable economy, our leaders are more concerned with funding their selfish luxuries and individual lavishness, while throwing blame at others who are committed to solving the nation’s problems,” he criticized.
Highlighting his belief that politics should serve the people and improve society, Obi urged leaders to commit to sustainable growth strategies to alleviate the hardships faced by Nigerians.
“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,” he asserted.
“Only through that can we achieve a peaceful and secure society. A New Nigeria based on better economic and patriotic thinking is very possible,” Obi concluded.
