Obi: Leadership failure has derailed Nigeria’s independence vision

Peter Obi, presidential candidate of the Labour Party (LP) in the 2023 elections, says leadership failure has derailed the vision those who fought for Nigeria’s independence.

In a statement on his X page on the country’s 65th independence anniversary, Obi said Nigeria, which once held the promise of becoming Africa’s economic powerhouse, has now “slipped to the fourth-largest economy on the continent”.

He added that decades of poor governance and wasteful spending had worsened poverty and widened inequality.

“Our founding fathers fought for independence with confidence and determination to build a prosperous Nigeria,” Obi said.

“Unfortunately, tragic failures of leadership derailed this vision. Over the last decade, under the APC’s incompetent, divisive, and corrupt leadership, Nigeria has been greatly diminished.”

Obi said by 2007, Nigeria’s debt stood at about N2.5 trillion — less than 10 percent of GDP — following debt relief secured by the Olusegun Obasanjo administration.

He added that by 2014, Nigeria had become Africa’s largest economy and was primed for middle-income status.

The LP standard-bearer said that progress was “truncated” after the APC came into office in 2015.

“Today, our debt has ballooned to about N175 trillion, nearly 50 percent of GDP, without corresponding improvement in productive sectors,” he said.

“Nigeria has fallen behind South Africa, Egypt, and Algeria. Our democracy is now described as undemocratic. In just one year, this administration pushed over 15 million Nigerians into extreme poverty.”

Obi accused the federal government of lavish spending while millions of citizens lack access to healthcare, education, and safe water.

He cited the allocation of billions for new presidential jets, luxury cars, and renovation of official residences while essential services are “underfunded”.

“The Vice-President’s residence was renovated at a cost of N25 billion, more than the combined capital budgets of six federal teaching hospitals,” he said.

Obi said the policies of the government have increased the burden on ordinary Nigerians, as costs of food, electricity, and healthcare continue to soar.

He added that insecurity has further crippled the economy, with kidnapping and terrorism keeping Nigerians in fear.

“Cronyism, corruption, and disregard for the rule of law have scared away investors, while other African countries are overtaking us as investment destinations,” he said.

The LP leader, however, expressed optimism that Nigeria could still achieve greatness.

“What we need is competent, compassionate, and committed leadership,” he said.

“We must learn from countries like China, India, and Indonesia, which turned their economies around through discipline and people-centred policies.”

Obi urged Nigerians not to lose hope, saying the challenges should fuel determination to rebuild the country.

“Against all odds, we will return Nigeria to the path of prosperity and justice. We will not relent. We will not be discouraged. The mission is clear: Nigeria will rise again,” he added.