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Labour Party presidential candidate in the 2023 election, Peter Obi, on Monday called for urgent action to prevent further collapse in the country.
He was reacting to the latest rise in Nigeria’s headline inflation rate to 34.19 percent.
In a series of tweets on his official platform X, the former Anambra State governor expressed his deep concern over the country’s economic trajectory since 2015.
He underscored the contrast between Nigeria’s economic performance in the early years of the return to democracy and its current state.
Obi writes: “When Nigeria returned to democratic rule in 1999, the country maintained an average GDP growth of about 6.72% for 16 years from 1999-2014.”
However, he pointed out that this growth was not sustainable with Gross Domestic Product (GDP) growth plunging to 2.79% in 2015 and the economy falling into recession in 2016.
He added: “In 2014, just before the new government came into office a year later, Nigeria had the largest economy in Africa with a Gross Domestic Product of $568.5 billion and a GDP Per Capita of about $3,200.”
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In contrast, he noted that by 2023, Nigeria had fallen to the 4th largest economy in Africa, with a GDP of $375 billion and a per capita of $1700.
Thus, the situation worsens in 2024, with GDP continuing to decline to around $253 billion and per capita falling to $1,087.
This is according to data obtained from StatiSense, an AI data company specializing in financial statement analysis, bank statement evaluation, and AI chatbot services.
The former governor further warned of the current situation, saying, “Today, poverty is rampant and increasing. Unemployment is rising. Food inflation has skyrocketed to over 43%. Foreign and local investors are losing confidence in our future economic growth and many are leaving the country. Many businesses are closing down.”
He then called for immediate action to prevent further economic collapse and shift it from consumption to production.
“Urgent action needs to be taken to save the nation from further economic collapse and shift it from consumption to production.
“However, instead of thinking about all the challenges that threaten our collective existence and finding ways to recreate an inclusive and sustainable economy, lift millions out of poverty, and get nearly 20 million out-of-school children back to school, our leaders are more concerned with funding their own individual luxuries and extravagances while blaming others who are only committed to solving the nation’s problems.
“In the face of all these challenges, we as leaders must commit to inclusive and sustainable growth to end the hardships that continue to burden our fellow Nigerians. Only through that can we achieve a peaceful and secure society,” he said.
By: Babajide Okeowo
Peter Obi’s post demands urgent action to prevent further collapse of Nigerian economy first appeared on Latest Nigeria News | Headlines from Ripples Nigeria.
