Peter Obi, the 2023 Labour Party Presidential Candidate, has called for urgent action to resolve Nigeria's economic crisis. In a series of tweets on Monday, he expressed deep concern over the country's economic decline since 2015.

Obi highlighted the contrast between Nigeria’s economic performance in the early years of democracy and its current state. From 1999 to 2014, Nigeria maintained an average GDP growth of about 6.72%. However, this growth collapsed to 2.79% in 2015, and the economy slipped into recession in 2016.

He noted that in 2014, Nigeria had the biggest economy in Africa with a GDP of $568.5 billion and a per capita GDP of about $3,200. By 2023, Nigeria had fallen to the 4th largest economy in Africa, with a GDP of $375 billion and a per capita GDP of $1,700. The situation worsened in 2024, with the GDP declining to an estimated $253 billion and per capita dropping to $1,087, according to data from StatiSense.

Obi expressed alarm at the current state of affairs, pointing out that poverty is pervasive and increasing, unemployment is rising, food inflation has skyrocketed to over 43%, and both foreign and local investors are losing faith in the economy.

He called for urgent actions to salvage the nation from further economic collapse and shift the focus from consumption to production. Obi criticized current leadership for prioritizing their own luxuries over the nation's pressing issues and urged leaders to commit to inclusive and sustainable growth to alleviate hardship.

Nigeria's headline inflation rate reached 34.19% in June, with food inflation over 40%. Obi emphasized the need for leaders to address these challenges to achieve a peaceful and secure society.

Source:Channelstv