Peter Obi, the 2023 Labour Party presidential candidate, has called for Nigeria to transition from a consumption-driven economy to a production-based economy, emphasizing the need to harness the country’s potential for growth and development.
Speaking at Liverpool John Moores University, Obi stressed that Nigeria’s contributions to the Commonwealth economy have been low due to a lack of productivity .
Obi highlighted the immense opportunities presented by the Commonwealth, with its population of over 2.5 billion and GDP expected to grow to $20 trillion by 2030. He emphasized the importance of leveraging youthful energy and innovation for sustainable development, urging investment in agriculture and support for micro, small, and medium-sized enterprises through favorable policies.
Key Recommendations:
• Investment in Agriculture: Boosting agricultural production to drive economic growth
• Support for MSMEs: Providing favorable policies to promote entrepreneurship and job creation
• Youth Empowerment: Leveraging youthful energy and innovation for sustainable development
• Rule of Law: Adhering to the rule of law to attract foreign and local investors
By implementing these measures, Obi believes Nigeria can become a significant contributor to the Commonwealth’s economic power, promoting inclusive growth, innovation, and sustainable development. He emphasized the need for cooperation and lowering barriers to trade to transform economies and ensure prosperity is shared among nations
