Obi: GDP Growth Was About 6.72% for 16 Years from 1999, Declined to 2.79% After

•LP not reason food inflation is over 40 per cent, coalition declares Chuks Okocha in Abuja The 2023 Labour Party Presidential Candidate, Peter Obi, has expressed deep worry over the country’s economic trajectory since 2015, saying the Gross Domestic Product(GDP) was about 6.72% for almost 16 years from 1999, before it declined to 2.79%.

Obi, therefore, maintained that Nigeria was the biggest economy in Africa with a GDP of $568.5 billion and a GDP Per Capita of about $3,200.” This was as the coalition of civil society group, alliance for all Labour Party professionals and stakeholders, has exonerated the party and Obi from the planned national strike, stating that they were not responsible why food inflation has gone up to over 40 per cent in the country However, in a statement via X, Obi highlighted the contrast between Nigeria’s economic performance in the early years of its return to democracy and its current state.

“When Nigeria returned to democratic governance in 1999, it maintained an average GDP growth of about 6.72% for 16 years from 1999-2014,” Obi wrote. However, he pointed out that this growth was not sustained, with GDP growth collapsing to 2.

79% in 2015 and the economy slipping into recession in 2016. “In 2014, just before the inception of a new administration a year later, Nigeria had the biggest economy in Africa with a Gross Domestic Product of $568.5 billion and a GDP Per Capita of about $3,200,” he said.

In contrast, he noted that, “By 20.