Poor governance cause of Nigeria’s rapid economic decline – Peter Obi

“There is need for transformational leadership to address these issues and steer Nigeria towards a more prosperous future.

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“There’s a worrying decline in Nigeria’s economic trajectory. In 1998, Nigeria’s economy grew at less than 3%, improving to over 5% in 2019. However, the country’s per capita income has plummeted from $3,200 in 2014 to $1,087 today.

“This economic downturn has resulted in Nigeria having the highest number of homeless people globally, with over 130 million Nigerians living below the poverty line, a figure that has worsened significantly over the past eight years.”

The former governor attributed these dire conditions to a legacy of poor leadership lacking in ethical, visionary, competent, and compassionate qualities. Obi warned of long-term consequences, such as the heavy burden of debt repayments starting in 2040, which will fall on future generations.

He criticized the government’s mismanagement, citing examples like overpriced contracts and a growing list of abandoned projects.

Obi also highlighted the rampant theft of Nigeria’s oil resources, drawing attention to the challenges faced by businesses like Dangote’s, with over 70% of Nigeria’s oil already mortgaged.

Poor governance cause of Nigeria’s rapid economic decline – Peter Obi