Former Anambra State Governor and Labour Party presidential candidate in the 2023 general election, Peter Obi, has raised alarm over Nigeria’s worsening economic and social crises, blaming it on years of leadership failure and misplaced priorities.
Speaking at a gathering of delegates and stakeholders, Obi said Nigeria has become a country that celebrates corruption and bad governance instead of resisting it. He lamented that while other nations are making progress, Nigeria is sinking deeper into poverty, unemployment, and debt.
According to him, Nigeria currently has over 100 million people living in poverty – more than China and India combined, even though those two countries have a population of 2.8 billion people compared to Nigeria’s 200 million. He added that the nation also has 18.5 million out-of-school children, out of which 10 million are girls.
Obi further noted that unemployment in Nigeria has hit 35%, while when combined with underemployment, it stands at 55–60%, with the majority being young people in their productive age but doing nothing. He described the situation as a ticking time bomb, worsened by the fact that Nigeria’s drug abuse rate is 14.9%, far above the global average of 5.8%.
On borrowing, Obi explained that there is nothing wrong with taking loans if they are used for productive investments. He cited examples of countries like the United States, China, Japan, and Singapore, which owe high debts but channel them into industries and infrastructure that grow their economies.
“Nigeria’s problem,” he said, “is that we borrow for consumption instead of production. That is why today, we spend 90% of our revenue servicing debt when it should not exceed 25%. Borrowing for burial, birthday parties, and consumption will never grow an economy.”
He recalled that Nigeria’s first loan in 1964 under Prime Minister Tafawa Balewa was used to build the Kainji Dam, which still exists today, while most recent loans cannot be accounted for because they were wasted on consumption.
The former governor expressed shock that Nigeria, with a population of over 200 million, generates only 4,000 megawatts of electricity, while South Africa with 60 million people generates 54,000MW, and Egypt with 103 million people generates 55,000MW.
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He also compared Nigeria with countries like Vietnam and Bangladesh, which have far smaller populations and land mass but export goods worth hundreds of billions of dollars annually, while Nigeria’s total export, including oil, is only $25–30 billion.
Obi condemned the culture of Nigerians celebrating corrupt leaders instead of questioning them. “It’s only in Nigeria that someone becomes governor, steals public funds, builds mansions, buys cars, and even invites people for thanksgiving — and instead of calling the police, people go there to dance and praise him as ‘Your Excellency,’” he said.
He urged delegates to vote with conscience and think about the future of their children. “Before you vote, put a picture of your children in front of you and ask yourself: what kind of society do I want them to grow up in? One filled with hopelessness, banditry, and poverty, or one with opportunities, education, and growth?”
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Obi insisted that Nigeria has the resources and human talent to compete globally but must stop being a consumption-driven nation and instead embrace production, innovation, and accountability.
“The party is over. What Nigeria needs now is work, work, and more work. We must get serious and rescue this country from collapse,” he declared
