Former Governor of Anambra State, Peter Obi, has raised concern over the lingering economic crisis in Nigeria, recalling that Nigeria had the biggest economy in Africa as of 2014.
Naija News recalls that Nigeria, as of 2014, was being led by former President, Goodluck Ebele Jonathan, on the platform of the Peoples Democratic Party (PDP).
A year later, in a surprising turn of events, Jonathan, an incumbent president, lost a re-election bid to the candidate of the All Progressives Congress (APC), Muhammadu Buhari.
Recall that Obi was a former member of the PDP before defecting to the Labour Party in 2023 to pursue his presidential ambition.
Taking to his official account on X on Monday, Peter Obi, a candidate of the Labour Party in the 2023 presidential election, said the country’s economy soon began to drop in 2015.
In his message, Obi drew attention to the stark difference between Nigeria’s economic achievements during its early post-democracy years and its current economic condition.
According to him, upon returning to democratic rule in 1999, Nigeria saw an average GDP growth rate of approximately 6.72% over 16 years, 1999-2014.
However, he highlighted a decline in this momentum, with GDP growth dropping to 2.79% in 2015, leading to an economic downturn in 2016.
Obi said: “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.”
On the other hand, he observed that by 2023, Nigeria had dropped to the 4th position in terms of the largest economies in Africa, boasting a GDP of $375 billion and an average income per person of $1700.
He noted that subsequently, the economic situation deteriorated in 2024, with the GDP expected to fall even further to around $253 billion and the average income per person to decrease to $1087.
This information, according to him, is based on data collected from StatiSense, a company that uses artificial intelligence for analyzing financial reports, examining bank statements, and providing services through AI chatbots.
Subsequently, the former governor expressed alarm at the current state of affairs, saying, “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.”
Obi urged for immediate measures to stop more economic downturns and shift it from spending to creating as he criticized the present leadership.
He said, “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 blames 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 which has continued to burden our fellow Nigerians. Only through that can we achieve a peaceful and secure society.”
Recently, Naija News reported that Nigeria’s headline inflation rate reached 34.19 per cent in June, even as the food inflation was over 40 per cent.