The 2023 Labour Party Presidential Candidate, Peter Obi, has called for quick action in resolving the current economic crisis in the country.
The call came as he expressed deep concern over the country’s economic trajectory since 2015, in a series of tweets on Monday via X.
In the post, he highlighted the contrast between Nigeria’s economic performance in the early years of its return to democracy and its current state.
“When Nigeria returned to democratic governance in 1999, it maintained an average GDP growth of about 6.72% for 16 years from 1999-2014,” Obi wrote.
However, he pointed out that this growth was not sustained, with GDP growth collapsing to 2.79% in 2015 and the economy slipping into recession in 2016.
He said, “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.”
In contrast, he noted that by 2023, Nigeria had fallen to the 4th largest economy in Africa, with a GDP of $375 billion and a per capita of $1700.
Accordingly, the situation worsened in 2024, with the GDP further declining to an estimated $253 billion and per capita dropping to $1087.
This is according to data obtained from StatiSense, an AI data company specialising in financial report analysis, bank statement evaluation, and AI chatbot services.
