The 2023 Labour Party presidential candidate, Peter Obi, has said Nigeria can only bridge the gap with countries such as India through collective action, transparency and visionary leadership.
Obi stated this in a post on his verified X handle on Monday, stressing that Nigeria must ensure its abundant wealth is translated into prosperity, security and opportunities for all citizens.
Obi noted that other nations are already setting the pace, adding that the time has come for Nigeria to act decisively, catch up and reclaim its lost potential.
His remarks followed the announcement that India has emerged as the world’s fourth-largest economy by nominal GDP, overtaking Japan.
According to 2025 IMF estimates, India’s GDP is projected at about $4.187 trillion, slightly ahead of Japan’s $4.186 trillion. India is also aiming to surpass Germany, with a GDP of approximately $4.74 trillion, to become the third-largest economy globally.
While describing India’s rise as remarkable, Obi said it raises serious concerns about Nigeria’s economic trajectory, noting that both countries once shared similar growth paths.
Citing World Bank data, Obi said that in 2007, during the administration of former President Olusegun Obasanjo, India’s nominal GDP per capita stood at about $1,022, compared to Nigeria’s $1,816.
By 2015, at the end of the Yar’Adua/Jonathan era, India’s GDP per capita had increased to around $1,584, while Nigeria’s rose to approximately $2,586.
However, based on IMF World Economic Outlook projections, Obi said that by 2025, India’s nominal GDP per capita is expected to reach about $2,878, while Nigeria’s is projected to decline sharply to about $807.
He lamented that despite significant subsidy savings, increased revenues and extensive borrowing—more than all previous governments combined between 1999 and 2023—Nigeria’s economic performance remains deeply troubling.
Obi noted that the country’s combined revenue between 2023 and 2025 is estimated at about ₦200 trillion ($135 billion), yet there has been no meaningful improvement in key sectors such as healthcare, education and poverty reduction.
According to him, poverty, insecurity, healthcare and education indicators have continued to worsen, while small and medium-sized enterprises are shutting down daily due to poor support.
He added that electricity remains unreliable and costly, and the prices of basic necessities, including food, transport and rent, have risen beyond the reach of ordinary Nigerians.