Peter Obi Attributes Nigeria’s Economic Decline to Poor Leadership

The Labour Party presidential candidate in the 2023 election, Peter Obi, has expressed concern over Nigeria’s rapidly declining economy.

Speaking at the installation of Prof. Au. Nnonyelu as the 8th District Governor of Rotary International, District 9142, in Awka on Saturday, Obi stated that Nigeria’s issues stem from a severe leadership deficit rather than a lack of resources.

“Despite Nigeria’s wealth of resources, the country’s global standing has declined primarily due to poor governance,” Obi said. “There is a need for transformational leadership to address these issues and steer Nigeria towards a more prosperous future.”

Obi noted the worrying decline in Nigeria’s economic trajectory, citing that the economy grew at less than 3% in 1998, improved to over 5% in 2019, but now has seen the per capita income fall from $3,200 in 2014 to $1,087 today. This downturn has resulted in Nigeria having the highest number of homeless people globally, with over 130 million Nigerians living below the poverty line, a situation that has worsened significantly over the past eight years.

The former governor attributed these dire conditions to a legacy of poor leadership lacking ethical, visionary, competent, and compassionate qualities. He warned of long-term consequences, such as the heavy burden of debt repayments starting in 2040, which will impact future generations. Obi criticized government mismanagement, citing examples like overpriced contracts and numerous abandoned projects. He also highlighted the rampant theft of Nigeria’s oil resources, noting the challenges faced by businesses like Dangote’s, with over 70% of Nigeria’s oil already mortgaged.

Earlier, the newly installed District Governor, Rtn. Nnonyelu, a professor in the Sociology and Anthropology department of Nnamdi Azikiwe University, outlined Rotary’s focus areas for the year. These include water and sanitation, basic education, economic development, and maternal and child health. He emphasized Rotary’s commitment to these causes, highlighting the organization’s values of fellowship, integrity, diversity, service, and leadership.