According to Ogasabi on 9am news Nigeria, Peter Obi expressed grave concerns over the nation’s economic track since 2015 in a tweet on Monday. He emphasized the differences between Nigeria’s economic success in the early years of its democratic rebirth and its current situation.
Obi noted, “Nigeria maintained an average GDP growth of about 6.72% for 16 years from 1999-2014, when it returned to democratic governance in 1999.” However, he highlighted that this growth was not sustained, as the GDP shrank to 2.79% in 2015, leading the country into a recession the following year. “In 2014, Nigeria had the largest economy in Africa with a Gross Domestic Product of $568.5 billion and a GDP Per Capita of approximately $3,200, just before the start of a new administration a year later,” he stated.
He further pointed out that by 2023, Nigeria’s GDP had dropped to $375 billion with a per capita of $1700, ranking it fourth among African economies. The situation worsened in 2024, with the GDP falling to an expected $253 billion and the per capita dropping to $1087, based on data from StatiSense, an AI data provider specializing in bank statement review, financial report analysis, and AI chatbot services.
Ogasabi’s 9am news Nigeria highlighted Obi’s concerns over the current economic situation, stating, “Poverty is widespread and growing today. The unemployment rate is rising. Food prices have increased by over 43%. Both local and foreign investors are losing faith in the potential growth of our economy and are fleeing in significant numbers. Companies are shutting down.”
Criticizing the current government, Obi demanded immediate action to prevent further economic collapse and shift the economy from consumption to production. He stressed, “The country needs to shift from consumption to production and take immediate action to prevent further economic collapse.”
Obi criticized the leaders, saying, “Instead of addressing these challenges threatening our collective existence and finding ways to create an inclusive and sustainable economy, pull millions out of poverty, and return nearly 20 million out-of-school children to schools, our leaders focus on funding their selfish luxuries and blaming others committed to solving the nation’s problems.”
He called for commitment to inclusive and sustainable growth to end the hardship burdening Nigerians, stating, “Only through that can we achieve a peaceful and secure society.” According to 9am news Nigeria, Nigeria’s headline inflation rate reached 34.19 percent in June, with food inflation surpassing 40 percent.
