Peter Obi Advocates Shift to Production Economy for Nigeria

Obi Pushes for Economic Shift

Labour Party’s 2023 presidential candidate, Peter Obi, has urged Nigeria to transition from its consumption-driven economy to one focused on production. Speaking at Liverpool John Moores University, Obi emphasised the importance of improving Nigeria’s contributions to the Commonwealth trade. He stressed that Nigeria must adopt a production-based economy to fully harness its potential within the global market.

Commonwealth’s Economic Potential

In his address titled “Harnessing the Commonwealth Advantage for Trade and Investment,” Obi highlighted the Commonwealth’s vast potential. With over 2.5 billion people and a GDP of more than $13 trillion, expected to rise to $20 trillion by 2030, Obi urged Nigeria to take advantage of these opportunities. He noted that Nigeria’s current low productivity prevents it from fully benefiting from the Commonwealth’s economic opportunities.

Call for Increased Productivity

Obi described Nigeria’s current economic approach as unsustainable, urging the country to prioritise sectors like agriculture and micro, small, and medium enterprises (MSMEs). “We must clothe our nation in the garment of productivity,” he said, calling for policies that encourage local production and reduce reliance on imports. According to Obi, productivity is the key to Nigeria’s growth within the Commonwealth.

Empowering the Youth

Obi also stressed the need for Nigeria to invest in its youth, highlighting the potential for innovation and sustainable development. He called on the Commonwealth to leverage the energy of its young population for economic prosperity. “The focus must remain on leveraging these immense resources, especially youthful energy and innovation,” Obi added, advocating for policies that nurture creativity and entrepreneurship.

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Trade Barriers and Cooperation

Obi further advocated for lowering trade barriers and increasing cooperation among Commonwealth countries. He stated that by encouraging investment and fostering collaboration, member states could collectively transform their economies. Obi believes that deepening these relationships could ensure that one nation’s prosperity benefits others within the Commonwealth.

Rule of Law and Investment

In closing, Obi emphasised the importance of the rule of law in attracting both foreign and local investors. He argued that adherence to legal standards would make Nigeria a more attractive destination for investment, positioning the country as a significant player in the Commonwealth’s economy. Obi urged Nigeria to embrace productivity, innovation, and cooperation to strengthen its economic standing globally.

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