Peter Obi, the former Labour Party presidential candidate, has raised alarm over the deteriorating state of Nigeria’s economy under President Bola Tinubu’s administration.
Speaking after attending the Kaduna International Trade Fair on Wednesday, Obi described the economy as being in a steep decline, a sentiment he shared in a statement posted on his 𝕏 account on Friday. The ex-Governor of Anambra State painted a grim picture of the once-thriving trade fair, noting that it has lost its former glory and vitality.
“Based on my interactions and observations, it’s clear our economy is struggling,” Obi remarked. “The Kaduna Trade Fair, which I’ve attended multiple times over the past two decades, was a mere shadow of its past. Where it once buzzed with activity, it’s now nearly deserted. Multinational companies, which used to be a staple, were noticeably absent this time around.”
Reflecting on the fair’s heyday, Obi recalled its significance as a bustling center of commerce that drew businesses, investors, and innovators from across Nigeria and beyond. “Years ago, securing a booth or a hotel room during the fair meant planning weeks, if not months, in advance,” he said. “I had my own space there and saw firsthand the energy, opportunities, and partnerships it created. It was a vital boost to our national economy, fostering global participation and expanding trade networks.”
Obi, identifying himself as a trader with a deep understanding of economic trends, urged the government to adopt policies that prioritize productivity over consumption. He stressed the importance of creating an environment where businesses can flourish, pointing to the critical role of small businesses, industries, and entrepreneurs in rebuilding Nigeria’s economy.
“We need to emulate countries like Indonesia, Bangladesh, and India, which have successfully implemented strategies to bolster local businesses, ramp up manufacturing, and generate sustainable employment,” he argued. “Nigeria has the potential to reclaim its position as a leading commercial hub in Africa, but this demands visionary leadership, thoughtful economic strategies, and a commitment to business-friendly reforms.”
