‘As A Trader, I Can Confidently Say Our Economy Is In Decline’ – Peter Obi

Former presidential candidate of the Labour Party, Peter Obi, has decried the state of Nigeria’s economy.

Naijaonpoint reports that Obi said Nigeria’s economy is struggling. He stated this following his observation of Wednesday’s Kaduna International Trade Fair.

In a statement, on his 𝕏 handle on Friday, the former Governor of Anambra State stated that the last Kaduna International Trade Fair was a shadow of what it used to be.

“From my interactions, I observed an economy in decline. The trade fair itself was a shadow of its former self once vibrant, now nearly deserted, with multinational companies conspicuously absent.

“As a trader and a keen observer of economic activities, I can confidently say that our economy is struggling. Having attended the trade fair several times over two decades ago, I noticed the glaring absence of major corporations that once actively participated.

“The Kaduna Trade Fair was once a thriving hub of commerce, attracting businesses, investors, and innovators from across the nation. In its prime, securing a booth or booking a hotel during the fair required weeks, sometimes months, of advance planning. I recall having my own space at the fair, witnessing firsthand the energy, opportunities, and partnerships it fostered. It was a significant contributor to our national economy, drawing global participation and expanding trade beyond our borders,” he narrated.

The Labour Party chieftain called on the government to prioritize policies that would encourage a productive economy and create a conducive environment for businesses to thrive.

He emphasized the need for the country to imitate other nations that have policies that encourage the growth of local businesses.

“As a country, we must return to policies that prioritize production over consumption, strengthening the backbone of our economy—our small businesses, industries, and entrepreneurs.

“We must learn from nations like Indonesia, Bangladesh, and India, which have successfully implemented economic models that empower local businesses, enhance manufacturing, and create sustainable jobs.

“Nigeria has the potential to reclaim its status as a major commercial hub in Africa, but this requires prudent leadership, strategic economic planning, and the political will to support business-friendly policies,” he stated.