Obi: Argentina’s economic recovery an indictment on Nigeria’s leadership

Peter Obi, presidential candidate of the Labour Party (LP) in the 2023 elections, says Nigeria and Argentina faced similar economic challenges over the past two years but one has emerged stronger. 

In a post on X on Monday, Obi said Nigeria’s worsening hunger and poverty are the result of “incompetent leadership without capacity or compassion”.

The former Anambra governor said millions of citizens are struggling to survive as economic mismanagement erodes the middle class and pushes families into hardship.

“In our country today, hunger and poverty are not just distant statistics; they are the harsh reality that millions of our people face daily,” the post reads.

“Recently, the United Nations stated that about 34 million Nigerians will face acute food insecurity, and that about 63 per cent of our population, which is roughly 133 million people, now live in multidimensional poverty.

“Inflation, even with the suppressed statistics, is nearly 30 per cent, while unemployment and economic mismanagement have nearly wiped out our once-vibrant middle class. Families who once lived stable lives are now slipping into poverty.

“But this is not ordinary; it is the result of incompetent leadership without capacity or compassion, which is not interested in putting the Nigerian people first in its actions.

“Other nations have faced similar challenges and turned their fortunes around through disciplined leadership, sound economic policies, and a total commitment from leaders to invest in human development and to pull their people out of poverty.

“A recent example is what is happening in Argentina. In Argentina, over 52 per cent of its population lived in poverty by early 2024, according to the World Bank, with millions of Argentines unable to meet basic needs.

“Inflation was above 200 per cent, and economic confidence had collapsed. Yet within two years, through decisive action to cut waste in governance and to prioritise economic stability, the newly inaugurated president reduced the poverty rate to 38.1 per cent from 52 per cent; extreme poverty fell to 8.2 per cent, with inflation around 2–3 per cent monthly.

“As of 2025, urban poverty had declined to 31.6 per cent, lifting millions of people out of poverty. Investor confidence grew, and the economy began to expand. People now see real improvements in their daily lives.

“Both Argentina and the current Nigerian leadership assumed office in the same year, and this proves what I have always stated: that two years may not be enough to achieve a 100 per cent turnaround.

“But it is more than enough to kickstart the transformation journey that will change the fortune of our dear country, with the people witnessing real and genuine change, but only if leaders are honest, focused, and committed to the people.”

Obi added that prudent governance, along with investments in education, healthcare, and poverty reduction, can deliver results similar to those achieved in other nations.