Peter Obi Claims Nigeria’s Economy Was Largest In Africa Before APC Administration

Peter Obi Claims Nigeria’s Economy Was Largest In Africa Before APC Administration....KINDLY READ THE FULL STORY HERE▶

Former Anambra State Governor Peter Obi has voiced deep concern over Nigeria’s prolonged economic challenges, reminiscing about the country’s status as Africa’s largest economy back in 2014. During that period, Nigeria was under the leadership of former President Goodluck Jonathan of the Peoples Democratic Party (PDP)…… CONTINUE READING 

In a notable turn of events, Jonathan lost his bid for re-election to Muhammadu Buhari of the All Progressives Congress (APC) in the following year. Obi, who previously belonged to the PDP, shifted to the Labour Party in 2023 to pursue his presidential aspirations.

Using his official platform on Monday, Obi, a Labour Party presidential candidate in the 2023 elections, highlighted Nigeria’s economic downturn starting in 2015. He contrasted Nigeria’s robust economic performance in its early post-democracy years, with an average GDP growth rate of about 6.72% from 1999 to 2014, against subsequent declines in GDP growth to 2.79% in 2015, triggering an economic recession by 2016.

Obi stated, “In 2014, just before the commencement of a new administration a year later, Nigeria had the largest economy in Africa, boasting a Gross Domestic Product (GDP) of $568.5 billion and a GDP Per Capita of approximately $3,200.”

By 2023, however, Obi noted a significant drop in Nigeria’s economic stature, with the country slipping to the fourth position among Africa’s largest economies, featuring a GDP of $375 billion and an average income per person of $1,700. He warned of further economic deterioration projected for 2024, with GDP expected to plummet to around $253 billion and average income per person decreasing to $1,087.

Citing data from StatiSense, an AI-driven company specializing in financial analysis and chatbot services, Obi underscored alarming economic indicators: rising poverty levels, escalating unemployment, and soaring food inflation exceeding 43%. He lamented a loss of investor confidence resulting in an exodus of foreign and local investors and widespread business closures.

Calling for urgent intervention to avert deeper economic crises, Obi criticized current leadership priorities, urging a shift from consumption-driven policies to proactive measures fostering production and economic resilience. He emphasized the need for inclusive growth strategies aimed at alleviating poverty and ensuring a secure and prosperous society.

Recently, Naija News reported Nigeria’s headline inflation rate soaring to 34.19% in June, with food inflation surpassing 40%.