Peter Obi, presidential candidate for the Labour Party, said Nigeria’s low trade contributions to the Commonwealth stem from a lack of productivity, and stressed that investing in agriculture, supporting small businesses, and upholding the rule of law are key steps for progress.
Speaking yesterday at Liverpool John Moores University at an event organized by The Liverpool Commonwealth Association, Obi emphasized that the nation’s productivity challenges are holding it back.
He urged Nigeria to shift from a consumption-driven economy to one led by production.
Obi highlighted the need for aggressive investment in agriculture, support for small businesses, and strict adherence to the rule of law to attract investment and increase the country’s productivity
Taking to his official Twitter page to highlight the event; Obi said, “Yesterday, at the invitation of The Liverpool Commonwealth Association, I had the honor of serving as the guest speaker at Liverpool John Moores University, where I spoke on the topic “Harnessing the Commonwealth Advantage for Trade and Investment.”
“Attendance included Mr. Mark Blundell, Lord-Lieutenant of Merseyside and representative of King Charles in Liverpool, Richard Kemp, Lord Mayor of Liverpool, Tim Nicholl, Vice-Pro Chancellor of LJMU Business School, Garth Dallas, Chair of the Liverpool Commonwealth Association, Cllr Vanessa Boateng JP, General Secretary of the Liverpool Commonwealth Association among others.
“With a population of over 2.5 billion—about a third of the world’s population, with over 60% of its population under the age of 30, a GDP of over $13 trillion, expected to grow to $20 trillion by 2030 the Commonwealth presents great opportunities for growth and development amongst member nations if properly harnessed.
“The focus must, therefore, remain on leveraging these immense resources, especially the youthful energy and innovation for the collective advancement, sustainable development, and economic prosperity of member states and their citizens.
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“As members of the Commonwealth, we are uniquely positioned to promote inclusive growth, foster innovation, and champion sustainable development. By lowering barriers to trade, encouraging investment, and deepening cooperation, we can transform our economies, ensuring that the prosperity of one nation lifts many others.
“For us in Nigeria, whose trade contributions to the Commonwealth—and indeed the world—have remained dismally low due to the lack of productivity plaguing the nation, this is a wake-up call.
“We must clothe our nation in the garment of productivity and set the wheels of production in motion.
“By aggressively investing in agriculture, supporting micro, small, and medium-sized enterprises through favourable fiscal and monetary policies, and ensuring strict adherence to the rule of law, which will attract and retain both foreign and local investors, we can shift Nigeria from a consumption-driven economy to a production-led one, and take our rightful place as a significant contributor to the Commonwealth’s economic power.”
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