FERA Faults Peter Obi over Nigeria’s Economic Recession Comment

The Forum of Economic Rights Activists (FERA) has criticized Peter Obi, Labour Party (LP) 2023 presidential aspirant, for his recent outburst on the economic situation in Nigeria.

Obi, who is a vocal critic of the current administration of the economy, had previously made a profound issue of the economic performance of the country, especially since 2015. His remarks have sparked a high level of controversy within Nigeria’s political and economic sphere.

In his speech, Obi listed the decline of the rate of growth of Nigeria’s GDP from 6.72% between 1999 and 2014 to a paltry 2.79% in the year 2015, still on the downward slope in the following years. Obi attributed its decline to varied economic indicators of increased poverty levels, increased employment, and quickening food inflation that has gone up to as high as 43% over the past several years. Obi, who has been an aggressive advocate of economic reforms, criticized the country’s leadership for focusing on luxuries at personal levels while neglecting the critical necessity of repositioning the economy.

He called for the transition from a consumption economy to a production economy and called for the enhancement of efforts towards sustainable economic development.

Obi’s remarks were particularly critical of the country’s leadership, and he contended that the inability of previous administrations to address these economic challenges led to an increasingly fragile national economy.

His comments resonated with many Nigerians struggling with rising costs of living, while his advocacy for a more production-oriented economy has gained traction among groups calling for systemic reform.

However, the All Progressives Congress (APC), Nigeria’s ruling party, responded sharply to Obi’s assessment. They accused the Labour Party candidate of presenting a misleading picture of the country’s economic situation.

According to the APC, while the nation’s economy did face challenges, these were not solely the result of mismanagement under previous administrations. They attributed these to international factors such as the collapse in international oil prices, geopolitical tensions, the impacts of climate change, and the COVID-19 pandemic, which they believe have been major causes of the economic challenges Nigeria has experienced over the past few years.

The APC also defended the incumbent President Bola Tinubu government, praising his initiatives to diversify the economy, invest in infrastructure, and expand social welfare programs. They cited the attraction of over $20 billion in foreign investment, achieving a N6.52 trillion trade surplus, and an increase in the nation’s foreign reserves to $34 billion as evidence of progress under Tinubu’s leadership.

In the midst of this ongoing back-and-forth, FERA, a prominent advocacy group focusing on economic rights, has entered the conversation by challenging Obi’s analysis. While details of FERA’s exact stance remain unclear, their involvement underscores the growing debate on the future of Nigeria’s economic policy.