- Obi asserted that the economy of Nigeria has undergone a rapid decline in the last decade
The Labour Party presidential candidate in the 2023 presidential election, Mr. Peter Obi, has expressed his worry over the parlous state of Nigeria, especially the economy.
Obi asserted that the economy of Nigeria has undergone a rapid decline in the last decade.
He made the assertion on Saturday during the installation of Prof Au. Nnonyelu as the 8th District Governor of Rotary International, District 9142, in Awka.
He attributed Nigeria’s economic decline and other challenges the nation is facing to an acute leadership deficit.
“Despite Nigeria’s wealth of resources, the country’s global standing has declined, primarily due to poor governance.
“There is need for transformational leadership to address these issues and steer Nigeria towards a more prosperous future.
“There’s a worrying decline in Nigeria’s economic trajectory. In 1998, Nigeria’s economy grew at less than 3%, improving to over 5% in 2019. However, the country’s per capita income has plummeted from $3,200 in 2014 to $1,087 today.
“This economic downturn has resulted in Nigeria having the highest number of homeless people globally, with over 130 million Nigerians living below the poverty line, a figure that has worsened significantly over the past eight years.”
The former governor attributed these dire conditions to a legacy of poor leadership lacking in ethical, visionary, competent, and compassionate qualities. Obi warned of long-term consequences, such as the heavy burden of debt repayments starting in 2040, which will fall on future generations.
He criticized the government’s mismanagement, citing examples like overpriced contracts and a growing list of abandoned projects.
Obi also highlighted the rampant theft of Nigeria’s oil resources, drawing attention to the challenges faced by businesses like Dangote’s, with over 70% of Nigeria’s oil already mortgaged.