By TINA TIMOTHY

The Labour Party (LP) presidential candidate in the 2023 general elections, Peter Obi, has lamented that the All Progressive Congress (APC) has, since 2015, led Nigeria backwards and crippled the economy.

Sharing statistical analyses of the country’s annual Gross Domestic Product (GDP) Growth from 1999 and Africa’s Largest Economies in 2014, 2023 and 2024 (estimated) on his verified X handle @PeterObi, on Monday, July 22, 2024, the former Anambra state governor decried that in 2014, prior to the APC-led administration, “our economic indices pointed towards hope and prospects for the future growth of the economy” having “the biggest economy in Africa with a Gross Domestic Product of $568.5 billion and a GDP Per Capita of about $3,200,” but retrogressed to the 4thlargest economy in Africa nine years down the line, resulting in poverty, unemployment, food inflation and closure of businesses as foreign and local investors lose faith in the future growth of the Nigerian economy.

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. The impressive growth trajectory, unfortunately, was not sustained by the then-new government and 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. For the past 9 years, Nigeria’s economy has seen unprecedented retrogression on many fronts.

“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.

“Our economic indices pointed towards hope and prospects for the future growth of the economy. Nine years later, the giant of Africa has retrogressed to the 4thlargest economy in Africa.

“Reports showed our GDP in 2023 stood at $375 billion with a per capita of $1700. In 2024, our estimated GDP declined further to $253 billion with an estimated per capita of $1087.These trends and figures show how our 9 years journey since 2015 has resulted in a sharp decline in our national prosperity.

“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. Urgent actions need to be taken to salvage the nation from further economic collapse and move it from consumption to production!”

Obi further expressed worry that the government, rather than find ways to salvage the nation from further economic collapse, are busy “funding their selfish luxuries and individual lavishness, while throwing blames at others who are only committed to solving the nation’s problems.”

Continuing, he wrote: “However, instead of concerning ourselves with all these challenges threatening our collective existence and finding ways to recreate an inclusive and sustainable economy, pull millions of people out of poverty, and return our nearly 20 million out-of-school children to schools, our leaders are more concerned with funding their selfish luxuries and individual lavishness, while throwing blames at others who are only committed to solving the nation’s problems.”

He further urged the leaders to commit to inclusive and sustainable growth to end the hardship, adding that a new Nigeria based on better economic and patriotic thinking is very possible if we achieve a peaceful and secure society.

“I have always believed that politics should be about service to the people and the betterment of society. In the face of all these challenges, we the leaders should commit to inclusive and sustainable growth to end the hardship which has continued to burden our fellow Nigerians.

“Only through that can we achieve a peaceful and secure society. A New Nigeria based on better economic and patriotic thinking is very Possible,” he added.