The presidential candidate of Labour Party (LP), Peter Obi has lamented that since the past nine years, Nigeria ‘s economy has retrogressed to the 4th largest economy in Africa.
Obi made this outburst in a post on his X handle on Monday.
He gave a detailed analysis of where and when the retrogression cycle started in Nigeria dating back from the year 1999.
He wrote, ” When Nigeria returned to democratic governance in 1999, it maintained an average GDP growth of about 6.72% for 16 years from 1999-2014.
“The impressive growth trajectory, unfortunately, was not sustained by the then-new government and our GDP growth collapsed to 2.79% in 2015 and then sank into a recession in 2016 with a negative growth of -1.58% and 0.82% in 2017.
“For the past 9 years, Nigeria’s economy has seen unprecedented retrogression on many fronts.”
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He continued, “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.
“Our economic indices pointed towards hope and prospects for the future growth of the economy. Nine years later, the giant of Africa has retrogressed to the 4th largest economy in Africa.
“Reports showed our GDP in 2023 stood at $375 billion with a per capita of $1700. In 2024, our estimated GDP declined further to $253 billion with an estimated per capita of $1087.
“These trends and figures show how our 9-year journey since 2015 has resulted in a sharp decline in our national prosperity,” Obi explained.
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