Former Labour Party presidential candidate, Peter Obi, has raised the alarm over Nigeria’s economic downturn, urging leaders to take immediate action to salvage the situation.
Obi lamented that Nigeria’s economy has witnessed unprecedented retrogression in the past nine years, slipping from the largest economy in Africa to the fourth position. He cited statistics showing a decline in GDP from $568.5 billion in 2014 to $253 billion in 2024, with per capita income plummeting from $3,200 to $1,087.
The former Anambra State Governor expressed dismay that instead of addressing the economic challenges, leaders are more concerned with funding their personal luxuries and lavish lifestyles, while blaming others for the problems.
Obi emphasized the need for urgent action to recreate an inclusive and sustainable economy, lift millions out of poverty, and return out-of-school children to education. He stressed that politics should be about serving the people and bettering society, not personal gain.
“I have always believed that politics should be about service to the people and the betterment of society… A new Nigeria based on better economic and patriotic thinking is very possible.”
