APC’s nine years in power destroyed Nigeria’s prosperity – Peter Obi laments

APC’s nine years in power destroyed Nigeria’s prosperity – Peter Obi laments

 Former presidential candidate of the Labour Party, LP, Mr
Peter Obi, has said that urgent actions need to be taken to salvage the nation
from further economic collapse.

 

He lamented that Nigeria’s economy has seen unprecedented
retrogression on many fronts for the past 9 years.

 

Obi lamented that instead, Nigerian leaders are more
concerned with funding their selfish luxuries and individual lavishness instead
of concerning themselves with challenges threatening the nation’s collective
existence.

 

In a post on his X handle on Monday, the former Anambra
State Governor said political leaders are throwing blame at others who are only
committed to solving the nation’s problems.

 

He stressed that efforts should be concentrated on finding
ways to recreate an inclusive and sustainable economy, pull millions of people
out of poverty, and return nearly 20 million out-of-school children to schools.

 

He said: “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 4th largest 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 nine-year 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!

 

“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.

 

“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.”

Source: APC’s nine years in power destroyed Nigeria’s prosperity – Peter Obi laments

 - NigerianEye
Invest in US dollars: https://hashflare.io/r/CF2F6691