The presidential candidate of the Labour Party (LP) in the 2023 presidential election, Mr. Peter Obi, yesterday lamented the rapid economic decline of Nigeria.
Obi spoke during the installation of Prof. AU Nnonyelu as the 8th District Governor of Rotary International, District 9142, in Awka.
He said Nigeria's challenges were not due to a lack of resources but rather a severe leadership deficit.
"Despite Nigeria's wealth of resources, the country's global standing has declined, primarily due to poor governance.
"There is a 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. In 1998, Nigeria's economy grew at less than three per cent, improving to over five per cent 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," he explained.
The former Anambra State 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 criticised the government's mismanagement, citing 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 per cent of Nigeria's oil already mortgaged.
Earlier, the newly installed District Governor, Rotarian Nnonyelu, a Professor in the Sociology and Anthropology Department of 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.
