Former Anambra State Governor and 2023 presidential candidate, Peter Obi, has warned that Nigeria is fast collapsing under the weight of poverty, unemployment, corruption, and unsustainable debt, unless leaders take urgent steps to redirect the country toward productivity.
Speaking at a public forum, Obi lamented that Nigeria, once regarded as a giant in Africa, is now classified among the world’s failing states, ranking third or fourth behind Afghanistan and Yemen in global fragility. He described the country as “the poverty capital of the world,” noting that before the COVID-19 pandemic, Nigeria, with a population of about 200 million, already had more people living in poverty than China and India combined, despite their combined population of 2.8 billion.
Obi pointed out that Nigeria’s unemployment rate stands at 33%, while underemployment pushes the figure to 55%. According to him, “about 60% of those affected are young people who should be the greatest assets of production.” He also highlighted Nigeria’s alarming social indicators, including over 15 million out-of-school children, high infant mortality, low competitiveness, rising corruption perception, and worsening hunger levels.
On debt management, Obi clarified that borrowing is not the problem but the misuse of borrowed funds. “There is nothing wrong with loans. Every country borrows. The issue is what you use the loan for. Unfortunately, Nigeria wastes what it borrows, and today, we spend nearly all our revenue servicing debts,” he said.
Citing official data, Obi revealed that in the first five months of 2021, Nigeria earned ₦1.1 trillion but spent ₦1.082 trillion on debt servicing, leaving just ₦45 billion to run the country. He warned that if the trend continues, “we will soon be using 98% of our revenue just to service debts,” while little or nothing goes into development.
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Comparing Nigeria with other countries, Obi pointed to Bangladesh, which in 2010 had a GDP of $115 billion and a debt of $45 billion. Over the years, Bangladesh invested its borrowings productively, raising its GDP to $335 billion and tripling its per capita income. By contrast, he said, Nigeria’s per capita income has declined by 10% in the past decade, despite borrowing seven times more.
The former governor called for a radical shift from “consumption to production,” stressing that revenue cannot be generated in a country where the majority are poor and unproductive. “Revenue is a function of productivity. You cannot tax people who are poor and idle,” he emphasized.
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Obi urged Nigerians to see the 2023 elections not as a contest of personalities, but as a collective fight for survival. He insisted that with proper management of resources, cutting waste, and investing in productive sectors, Nigeria can be turned around in 10 years.
“This country has all it takes. All we need is to invest our resources in the right places. We must cut costs and eliminate waste. Nigeria can work,” he concluded.
