Peter Obi Highlights Nigeria’s Economic Woes, Cites GDP Decline from 6.72% to 2.79% Since 2015

The 2023 Labour Party Presidential Candidate, Peter Obi, has expressed deep worry over the country’s economic trajectory since 2015, saying the Gross Domestic Product(GDP) was about 6.72% for almost 16 years from 1999, before it declined to 2.79%.

Obi, therefore, maintained that Nigeria was the biggest economy in Africa with a GDP of $568.5 billion and a GDP Per Capita of about $3,200.”

This was as the coalition of civil society group, alliance for all Labour Party professionals and stakeholders, has exonerated the party and Obi from the planned national strike, stating that they were not responsible why food inflation has gone up to over 40 per cent in the country 

However, in a statement via X, Obi highlighted the contrast between Nigeria’s economic performance in the early years of its return to democracy and its current state.

“When Nigeria returned to democratic governance in 1999, it maintained an average GDP growth of about 6.72% for 16 years from 1999-2014,” Obi wrote. 

However, he pointed out that this growth was not sustained, with GDP growth collapsing to 2.79% in 2015 and the economy slipping into recession in 2016. 

“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,” he said.

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. Accordingly, the situation worsened in 2024, with the GDP further declining to an estimated $253 billion and per capita dropping to $1087. 

“This is according to data obtained from StatiSense, an AI data company specialisingin financial report analysis, bank statement evaluation, and AI chatbot services.”

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, therefore, called for urgent action to prevent further economic collapse and move it from consumption to production as he criticised the current leadership. 

“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.”

But, according to the coalition in a statement by its convener, Ambassador Blessing Elaigwu, “Peter Obi and Labour Party are not the reason why food inflation suddenly jumped to more than 40 per cent. They are not also the reason why life expectancy has further reduced in the last one year, neither are they the reason while mortality rate has increased. 

“Peter Obi and Labour Party didn’t cause degradation of the manufacturing sector or the massive exit of manufacturing companies. They didn’t ask the private sector to downgrade, retrench or lay off the workforce,”

 Chuks Okocha

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