The presidential candidate of the Labour Party in the 2023 general elections, Peter Obi, has lamented the poor state of the country, News About Nigeria reports.
In a statement on Monday, he expressed deep concern over the country’s economic trajectory since 2015.
He noted that when Nigeria returned to democratic governance in 1999, it maintained an average GDP growth of about 6.72% for 16 years from 1999–2014, adding that the growth was not maintained as it has been declining since 2014 till date.
The former Anambra State governor also stated that poverty and unemployment are on the increase, adding that food inflation has skyrocketed to over 43%.
“When Nigeria returned to democratic governance in 1999, it maintained an average GDP growth of about 6.72% for 16 years from 1999 to 2014.
“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.
Accordingly, the situation worsened in 2024, with the GDP further declining to an estimated $253 billion and per capita dropping to $1087.
According to data obtained from StatiSense, this is an AI data company specialising in financial report analysis, bank statement evaluation, and AI chatbot services.
“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 stated.
He, therefore, called for urgent action from the government to prevent further economic collapse and move it from consumption to production.
“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 blame at others who are only committed to solving the nation’s problems.
“In the face of all these challenges, we, the leaders, should commit to inclusive and sustainable growth to end the hardship that has continued to burden our fellow Nigerians. Only through that can we achieve a peaceful and secure society,” he added.
