Former Labour Party presidential candidate, Peter Obi, who recently joined the African Democratic Congress (ADC), has issued a stark warning about Nigeria’s economic trajectory as India overtakes Japan to become the world’s fourth-largest economy.
According to the International Monetary Fund, India’s GDP is projected to reach $4.187 trillion in 2025, narrowly surpassing Japan’s $4.186 trillion. India now has its sights set on Germany, whose GDP stands at around $4.74 trillion, aiming to become the third-largest economy.
In a statement shared on his Facebook page on Monday, January 5, Peter Obi used this milestone to question Nigeria’s economic performance, drawing comparisons with India.
“At the end of 2007, India’s nominal GDP per capita was about $1,022, while Nigeria’s was approximately $1,816. By 2015, India’s had risen to around $1,584, compared to Nigeria’s $2,586. Yet by 2025, India’s nominal GDP per capita is estimated at $2,878, while Nigeria’s is expected to decline to about $807,” he said.
He described the current situation in Nigeria as deeply concerning, despite significant financial inflows. “Despite significant subsidy savings, substantial revenue growth, and excessive borrowing, more than all previous governments combined from 1999 to 2023, Nigeria’s performance remains troubling,” Peter Obi said.
“Businesses, particularly small and medium enterprises, are closing daily due to lack of support, electricity remains erratic and expensive, and the costs of basic necessities, such as rent, transport, and food, continue to rise beyond the reach of ordinary Nigerians.”
The former presidential candidate emphasised the urgent need for competent and accountable leadership. “This leadership must invest in essential areas such as healthcare, education, infrastructure, agriculture, and technology. It should also focus on cutting waste, reducing the cost of governance, and ensuring full transparency and accountability so citizens can track and assess national progress,” he said.
Obi also outlined a broader vision for Nigeria’s development. “Such a government must empower citizens economically, create jobs, support businesses, strengthen security, provide reliable energy and food security, promote innovation and human capital development, and restore trust in public institutions by holding officials accountable,” he said.
“Only through united collective action, transparency, and visionary leadership can Nigeria close the gap with nations like India and ensure that its wealth translates into prosperity, security, and opportunity for all citizens. Other countries are already setting an example, the time for Nigeria to act, catch up, and reclaim its potential is now. A new Nigeria is possible.”