A Decline from Prosperity
Peter Obi, the Labour Party’s presidential candidate for the 2023 elections, has voiced significant concerns over the state of Nigeria’s economy under the current administration. From being the largest economy in Africa in 2014, Nigeria has fallen to fourth place, marking a drastic decline in economic prosperity and stability.
Retrogression Under Current Governance
Obi outlined a troubling retrogression in the last nine years, attributing it to the mismanagement and poor governance of the ruling party, APC. According to him, the once thriving Nigerian economy that boasted a GDP of $568.5 billion in 2014 has plummeted to $253 billion in 2024. This economic downturn coincides with the tenure of the current government, which took power in 2015.
Statistics Speak Volumes
Using data shared on his social media platform, Obi criticized the lack of effort to combat the rising poverty and unemployment rates that contrast starkly with the government’s extravagant spending. He highlighted the drop in GDP growth from an average of 6.72% between 1999 and 2014 to mere fractions in subsequent years, culminating in a recession in 2016.
Neglected Economic Sectors and Public Welfare
The Labour Party candidate pointed out the irony in governmental priorities, with leaders focusing more on personal luxuries rather than addressing critical issues like increasing poverty, unemployment, and food inflation. These challenges have led to a loss of confidence among both foreign and local investors, further exacerbating the economic decline.
Call for a New Direction
Obi emphasized the need for urgent actions to reverse the downward economic spiral and transition the country from consumption to production-focused policies. He argued that true political leadership should prioritize service to the people and the overall improvement of societal conditions, rather than personal enrichment.
Vision for a Prosperous Nigeria
In his concluding remarks, Obi expressed his dedication to fostering a new Nigeria where economic policies and governance are aligned with the needs and aspirations of its people. He reaffirmed his commitment to working towards a nation that not only recovers but thrives, ensuring that future generations inherit a country richer in opportunities than the one currently observed.
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