Labour Party (LP) chieftain Peter Obi has lamented the level of retrogression Nigeria’s economy has suffered in the last 10 years.
Obi on Monday poured out his pains in a statement on his X account, blaming the government for the continuous decline in the country’s economy.
He said when Nigeria returned to democratic governance in 1999, it maintained an average Gross Domestic Product (GDP) growth of about 6.72% for 16 years from 1999-2014.
Obi, however, lamented that the impressive growth trajectory, unfortunately, was not sustained by the then-new government and Nigeria’s GDP growth collapsed to 2.79% in 2015 and then sank into a recession in 2016 with a negative growth of -1.58% and 0.82% in 2017.
“For the past nine years, Nigeria’s economy has seen unprecedented retrogression on many fronts. In 2014, just before the inception of a new administration a year later, Nigeria had the biggest economy in Africa with a GDP of $568.5 billion and a GDP Per Capita of about $3,200,” he said.
“Our economic indices pointed towards hope and prospects for the future growth of the economy. Nine years later, the giant of Africa has retrogressed to the fourth largest economy in Africa.
“Reports showed our GDP in 2023 stood at $375 billion with a per capita of $1700. In 2024, our estimated GDP declined further to $253 billion with an estimated per capita of $1087. These trends and figures show how our nine-year journey since 2015 has resulted in a sharp decline in our national prosperity.”
Obi said today, poverty is pervasive and on the increase in Nigeria, unemployment is rising while food inflation has skyrocketed to over 43%.
The former governor of Anambra State lamented that foreign and local investors are losing faith in the future growth of Nigeria’s economy and are leaving in large numbers with businesses also shutting down.
According to the 2023 presidential candidate of the LP, urgent actions need to be taken to salvage the nation from further economic collapse and move it from consumption to production.
“However, 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 said.
“I have always believed that politics should be about service to the people and the betterment of society. 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.
“Only through that can we achieve a peaceful and secure society. A New Nigeria based on better economic and patriotic thinking is very possible.”
