Former Governor of Anambra State, Peter Obi, has voiced his concerns over Nigeria’s ongoing economic crisis, noting that in 2014, Nigeria had the largest economy in Africa.
It could be recalls that in 2014, Nigeria was under the leadership of President Goodluck Ebele Jonathan of the Peoples Democratic Party (PDP).
A year later, in a surprising turn of events, Jonathan, the incumbent president, lost his re-election bid to Muhammadu Buhari, the candidate of the All Progressives Congress (APC).
Peter Obi, who was previously a member of the PDP, defected to the Labour Party in 2023 to pursue his presidential ambitions. On Monday, Obi, a candidate in the 2023 presidential election, took to his official account on X to highlight the decline in Nigeria’s economy since 2015.
Obi emphasized the stark contrast between Nigeria’s economic achievements during its early post-democracy years and its current state. He pointed out that from 1999 to 2014, Nigeria saw an average GDP growth rate of approximately 6.72%.
However, this momentum waned, with GDP growth dropping to 2.79% in 2015, leading to an economic downturn in 2016. Obi stated, “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 4th largest economy in Africa, with a GDP of $375 billion and an average income per person of $1700. Obi projected that the economic situation would worsen in 2024, with GDP expected to fall to around $253 billion and the average income per person to decrease to $1087. This data was based on information from StatiSense, a company specializing in AI-driven financial analysis.
Expressing alarm at the current state of affairs, Obi said, “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 urged for immediate measures to reverse the economic downturn, advocating for a shift from consumption to production. Obi criticized the current leadership, stating, “Urgent actions need to be taken to salvage the nation from further economic collapse and move it from consumption to production.”
He continued, “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 called for a commitment to inclusive and sustainable growth to end the hardships facing Nigerians, emphasizing that this is the path to achieving a peaceful and secure society. In June, Nigeria’s headline inflation rate had reached 34.19%, with food inflation surpassing 40%.
