Poor leadership responsible for Nigeria's economic decline, says Peter Obi

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By Madu Obi

The presidential candidate of the Labour Party in the 2023 general elections, Mr. Peter Obi, has lamented what he described as the rapid economic decline of Nigeria, attributing it to poor leadership.

Obi, who spoke during the installation of Prof A. U. Nnonyelu as the 8th District Governor of Rotary International, District 9142, in Awka, said Nigeria's challenges are not due to a lack of resources as the country has them in abundance.

"Despite Nigeria's wealth of resources, the country's global standing has declined, primarily due to poor governance.

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

"There's a worrying decline in Nigeria's economic trajectory. 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," he said.

The former governor attributed these dire conditions to a legacy of poor leadership lacking in ethical, visionary, competent, and compassionate qualities.

He 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 style of management, 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.

In his speech, the new District Governor, Rtn. Nnonyelu, a professor of the Sociology and Anthropology at Nnamdi Azikiwe University outlined Rotary's focus areas for the year, which include water and sanitation, basic education, economic development, and maternal and child health.

He emphasized Rotary's commitment to these causes, highlighting the organization's values of fellowship, integrity, diversity, service, and leadership.