Collapsing GDP:Presidency Tackles Peter Obi, Says Ex-Labour Party Presidential Candidate Plans To Destabilize Nigeria

In a quickfire reply to the ex-presidential candidate of the Labour Party, Peter Obi over claims of a continuous downward trajectory of the Nigerian economy since 2015, the presidency has declared that Obi is a sore loser, whose assessment of the situation was nothing but half truth.

The Special Adviser to the President in Media and Strategy, Mr Bayo Onanuga, on Monday said there’s no iota of truth in what Obi said of the Nigerian economy since the All Progressives Congress came to power.

Obi had earlier on Monday lamented the worsening economic situation advising what needed to be done to stem the tide and railroad the country back to growth as witnessed before the APC took over power in 2015.

“When Nigeria returned to democratic governance in 1999, it maintained an average GDP growth of about 6.72 per cent for 16 years from 1999-2014,” Obi said, pointing out that this growth was not sustained, with GDP growth collapsing to 2.79 per cent in 2015 and the economy slipping into recession in 2016.

“The impressive growth trajectory, unfortunately, was not sustained by the then-new government and our GDP growth collapsed to 2.79 per cent in 2015 and then sank into a recession in 2016 with a negative growth of -1.58 per cent and 0.82 per cent in 2017.”

For the past nine years, he said Nigeria’s economy has seen unprecedented retrogression on many fronts.

He further 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 $568.5bn and a GDP Per Capita of about $3,200.”

In contrast, the ex-Anambra state governor said things changed such that by 2023, Nigeria had fallen to the 4th largest economy in Africa, with a GDP of $375bn and a per capita income of $1,700.

Data obtained from StatiSense, showed the situation worsened in 2024, with the GDP further declining to an estimated $253bn and per capita income dropping to $1,087.

Obi however, expressed alarm at the current state of affairs, stating, “Today, poverty is pervasive and on the increase. Unemployment is rising. Food inflation has skyrocketed to over 43 per cent. Foreign and local investors are losing faith in the future growth of our economy and are leaving in large numbers. Businesses are shutting down.”

He called for urgent action to prevent further economic collapse and move the country from consumption to production.

While criticising the current leadership, Obi said, “Urgent actions need to be taken to salvage the nation from further economic collapse and move it from consumption to production.

“However, instead of concerning ourselves with all these challenges threatening our collective existence and finding ways to recreate an inclusive and sustainable economy, pull millions of people out of poverty, and return our nearly 20 million out-of-school children to schools, our leaders are more concerned with funding their selfish luxuries and individual lavishness, while throwing blames at others who are only committed to solving the nation’s problems.

“I have always believed that politics should be about service to the people and the betterment of society. In the face of all these challenges, we the leaders should commit to inclusive and sustainable growth to end the hardship which has continued to burden our fellow Nigerians.

“Only through that can we achieve a peaceful and secure society. A New Nigeria based on better economic and patriotic thinking is very Possible.”

But the Special Adviser to the president on Media and Strategy, Bayo Onanuga carpeted Obi declaring his assessment as half truth.

Onanuga said Obi’s statistics were “misleading,” and “half-truth statistics.”

He asked, “The big question is why this economic review at this time?”

According to him, “The motive is clear: he wants to work up his mob, plotting to destabilise the country from next week.”

Onanuga was referring to the planned August nationwide protest against hardship which he had earlier alleged was being sponsored by Obi.