Former Anambra State Governor and Labour Party chieftain, Peter Obi, has attributed Nigeria’s worsening economic crisis to poor leadership rather than a shortage of resources, highlighting the country’s alarming decline relative to global peers.
Obi spoke on Monday following the International Monetary Fund’s 2025 estimates, which show India’s economy now at $4.187 trillion, surpassing Japan to become the world’s fourth-largest by nominal GDP.
“Nigeria’s challenge is not a lack of resources, but a failure of leadership and priorities,” Obi said in a statement.
“Despite substantial revenue growth, massive subsidy savings, and borrowing that exceeds all previous administrations from 1999 to 2023, Nigeria’s performance remains disheartening.”
He noted that Nigeria once outperformed India on key economic indicators, citing World Bank data showing that Nigeria’s nominal GDP per capita was higher than India’s in 2007 and 2015.
The trend has since reversed sharply, with IMF projections estimating Nigeria’s GDP per capita at $807 by 2025, compared to India’s $2,878.
Obi criticized the government for failing to translate revenue into tangible improvements for Nigerians. “Critical sectors like healthcare, education, and poverty alleviation have stagnated.
Businesses are shutting down, electricity remains unreliable and costly, and the cost of living continues to soar beyond the reach of ordinary Nigerians,” he said.
Calling for urgent reforms, Obi urged a leadership consensus based on competence, character, and compassion .
He said such leadership must prioritize citizen welfare, invest in healthcare, education, infrastructure, agriculture, and technology, and enforce transparency and accountability.
“Only through united action and visionary leadership can Nigeria catch up with nations like India and ensure that its wealth creates prosperity, security, and opportunities for all citizens,” Obi added.
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