PETER OBI: How APC's Mismanagement Plunged Nigeria Into Economic Crisis

Former presidential candidate of the Labour Party, Mr. Peter Obi, has issued a scathing critique of the All Progressives Congress (APC) for what he describes as a severe mismanagement of Nigeria's economy over the past nine years. In a detailed post on his X handle on Monday, the former Anambra State Governor highlighted the urgent need for corrective measures to prevent further economic deterioration.

Obi lamented that instead of focusing on the pressing challenges facing the nation, Nigerian leaders are more preoccupied with personal luxuries and lavish spending. He emphasized the need for a shift towards policies that foster an inclusive and sustainable economy, lift millions out of poverty, and address the educational needs of nearly 20 million out-of-school children.

"When Nigeria returned to democratic governance in 1999, it maintained an average GDP growth of about 6.72% for 16 years from 1999-2014. Unfortunately, this impressive growth was not sustained. Our GDP growth collapsed to 2.79% in 2015 and then sank into a recession in 2016 with a negative growth of -1.58% and 0.82% in 2017. Over the past 9 years, Nigeria's economy has seen unprecedented retrogression,ÔÇØ Obi stated.

He detailed how, in 2014, Nigeria boasted the largest economy in Africa with a GDP of $568.5 billion and a GDP per capita of about $3,200. By 2023, these figures had plummeted, with the GDP standing at $375 billion and per capita income at $1700. The downward trend continued into 2024 with an estimated GDP of $253 billion and a per capita of $1087.

Obi highlighted the dire consequences of these economic declines, noting that poverty and unemployment are rising, food inflation has soared to over 43%, and investor confidence has waned significantly. He called for immediate action to shift the nation from a consumption-driven economy to one focused on production.

"Instead of addressing these critical issues, our leaders are busy funding their selfish luxuries and blaming others who are committed to solving our problems. We need to commit to inclusive and sustainable growth to end the hardship burdening Nigerians,ÔÇØ Obi urged.