Labour Party presidential candidate in the 2023 general election, Mr. Peter Obi, has expressed optimism that Nigeria can still rise to greatness despite the deep economic, social, and security challenges currently confronting the nation.
In a statement issued on Wednesday, October 1, 2025, to mark Nigeria’s 65th Independence Anniversary, Obi lamented the state of the country under the All Progressives Congress (APC)-led Federal Government but urged Nigerians not to despair, stressing that “a new Nigeria is possible.”
Obi described Independence Day as a time of joy, remembrance, and gratitude to God, noting that Nigeria once held great promise as a rising African power. He recalled how, at independence in 1960, the country was heralded globally as an emerging political and economic giant, with international publications such as Time Magazine predicting that Nigeria would lead Africa with pride.
He praised the founding fathers for their confidence, passion, and determination to build a prosperous nation that would stand alongside the world’s most advanced countries. However, he regretted that “tragic failures of leadership” had derailed this vision, leaving Nigeria far behind its peers.
Obi noted that despite Nigeria’s resilience and democratic gains since 1999, the last decade of APC rule has left the country in what he described as its worst state since independence.
He pointed out that by the end of 2007, Nigeria’s total debt was about N2.5 trillion (10 percent of GDP), following debt forgiveness secured by President Olusegun Obasanjo’s administration. By 2014, Nigeria had become Africa’s largest economy and was primed to achieve middle-income status.
According to Obi, things took a downturn after 2015 when the APC took power. He said Nigeria’s debt has ballooned to about N175 trillion, representing nearly 50 percent of GDP, without corresponding improvements in productive sectors.
“Nigeria has fallen from being Africa’s largest economy to fourth place, behind South Africa, Egypt, and Algeria. Our democracy is now being described as ‘undemocratic.’ In just one year, this administration pushed over 15 million Nigerians into acute poverty,” he stated.
Obi lamented that over 150 million Nigerians currently lack access to healthcare, education, clean water, and sanitation. He accused the government of implementing “brutal revenue-driven policies” while indulging in wasteful luxuries.
He cited billions spent on presidential jets, yachts, and luxury cars that exceeded the 2024 primary healthcare budget. He also condemned the N25 billion renovation of the Vice President’s residence, which he said was more than the combined capital budgets of six federal university teaching hospitals.
Obi further drew attention to N10 billion earmarked for car parks and canteens for the National Assembly, which, according to him, exceeded the capital budget of the Ministry of Science and Technology.
Obi criticized the government for subjecting Nigerians to higher costs of living — including electricity, petrol, food, rent, passports, and permits — while offering no improvement in services. He warned that UNICEF and the World Food Programme (WFP) project that 33 million Nigerians could face acute hunger in 2025.
He also decried the rising insecurity, saying Nigerians now live in fear of road travel as kidnapping and terrorism worsen. Billions of naira, he said, are being lost to ransom payments, while incompetence in security management has made Nigeria one of the world’s most terrorised nations.
“Cronyism, corruption, and disregard for the rule of law have scared away investors, leaving other African nations to overtake us as preferred destinations for investment,” Obi declared.
Despite painting a grim picture of the current state of affairs, Obi maintained that Nigeria’s potential for greatness remains intact if the right leadership emerges.
He outlined a vision centred on prudent economic management, massive investment in human capital, strict adherence to the rule of law, and infrastructure development. He called for effective mobilisation of Nigeria’s vast natural resources to drastically reduce poverty and spur rapid growth.
“We should learn from nations like China, India, Indonesia, and Bangladesh, which turned their economies around through disciplined leadership and people-centred policies,” Obi said, adding that Nigeria too can rebound if it abandons the path of incompetence and fiscal irresponsibility.
Obi urged political leaders across the country to reflect on the crises facing Nigeria and rise above personal interests. He said Nigeria must end the old system “where leaders feast while th
