Inflation, poverty pushing Nigeria toward economic collapse, Obi warns 

Port Harcourt — Former presidential candidate, Peter Obi, has raised fresh concerns over Nigeria’s worsening economic conditions, warning that rising inflation, widespread poverty, unemployment and insecurity are pushing the country toward national decline.

Speaking recently at the first convention of the Nigeria Democratic Congress, NDC, in Abuja, Obi said Nigeria’s economic crisis was the result of years of poor leadership, corruption and policies that failed to prioritise productivity and national development.

“Today, over 140 million Nigerians live in multidimensional poverty. Tens of millions of young people remain unemployed or underemployed. Inflation continues to crush families. Businesses are shutting down,” Obi declared.

He lamented that insecurity and economic hardship had combined to worsen living conditions across the country, leaving millions of citizens unable to meet basic needs.

“The most heartbreaking question confronting us is this: Who consoles the grieving mother whose child was abducted on the way to school? Who speaks for the father who can no longer feed his family despite working every day?” he asked.

Obi argued that Nigeria’s economic struggles were not due to lack of resources but leadership failures and systemic corruption.

“Nigeria is not a poor country; rather, we are being looted into poverty. We have abundant human and natural resources, yet we remain trapped in deprivation because leadership has failed to place the common good above personal interest,” he stated.

The former Anambra State governor called for a major economic shift from consumption-driven policies to productive investments centred on agriculture and manufacturing.

“With unity and effective leadership, Nigeria can become a productive and prosperous nation once again. We must deliberately support agriculture and manufacturing so they become the highest contributors to our Gross Domestic Product,” Obi said.

He stressed the need to unlock Northern Nigeria’s agricultural potential and connect it with industrial production nationwide to drive job creation and economic growth.

“We must move decisively from a nation of consumption to a nation of production. We can no longer afford policies that foreclose our youth,” he added.

Obi also warned that weakening democratic institutions and poor governance were compounding the country’s economic instability, saying accountability, rule of law and government effectiveness had deteriorated significantly.