The All Progressives Congress (APC), has lashed out at politician and former presidential candidate of the Labour Party for the 2023 presidential election, Peter Obi, over his consistent criticisms of its economic policies which had recently resulted in a rise in the cost of living across the country.
On Monday, Obi called for quick action in resolving the current economic crisis in the country. In the post, he highlighted the contrast between Nigeria’s economic performance in the early years of its return to democracy and its current state. He wrote, “When Nigeria returned to democratic governance in 1999, it maintained an average GDP growth of about 6.72% for 16 years from 1999-2014.”
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. He 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.” 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.
He added that the situation worsened in 2024, with the GDP further declining to an estimated $253 billion and per capita dropping to $1087. 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.”
He then called for urgent action to prevent further economic collapse and move it from consumption to production as he criticised the current leadership. Obi said, “Urgent actions need to be taken to salvage the nation from further economic collapse and move it from consumption to production.
