Obi laments Nigeria’s economic decline, urges new leadership

Peter Obi, the Labour Party’s presidential candidate for the 2023 presidential election, has lamented Nigeria’s rapid economic decline.

Obi was speaking at the installation of Prof. Au. Nnonyelu as Rotary International’s 8th District Governor, District 9142, in Awka on Saturday.

He said the challenges facing Nigeria are not due to a lack of resources but to a serious lack of leadership.

“Despite Nigeria’s abundance of resources, the country’s global reputation has deteriorated, largely due to poor governance.

“There is a need for transformational leadership to address these challenges and steer Nigeria towards a more prosperous future.

“There has been a worrying decline in Nigeria’s economic development. In 1998, Nigeria’s economy grew by less than 3%, improving to over 5% in 2019. However, the country’s per capita income has declined from $3,200 in 2014 to $1,087 today.

“This economic downturn has resulted in Nigeria having the highest number of homeless people in the world, with over 130 million Nigerians living below the poverty line. This figure has worsened significantly over the past eight years.”

The former governor attributed these appalling circumstances to a legacy of poor leadership that lacked ethical, visionary, competent and compassionate qualities. Obi warned of long-term consequences, such as the heavy burden of debt repayments from 2040 onwards, which will fall on future generations.

He criticized government mismanagement, citing overpriced contracts and a growing list of abandoned projects as examples.

Obi also highlighted the widespread theft of Nigerian oil reserves and drew attention to the challenges faced by companies like Dangote as over 70% of Nigerian oil is already mortgaged.

Earlier, the newly installed District Governor, Rtn. Nnonyelu, a professor at the Department of Sociology and Anthropology at Nnamdi Azikiwe University, outlined Rotary’s focus areas for the year, including water and sanitation, basic education, economic development and maternal and child health.

He emphasized Rotary’s commitment to these goals and emphasized the organization’s values: camaraderie, integrity, diversity, service and leadership.

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