The 2023 Labour Party presidential candidate, Peter Obi, has called for Nigeria to shift from a consumption-driven economy to a productive one, emphasizing the need to harness the Commonwealth’s advantages for trade and investment.
Speaking at Liverpool John Moores University, Obi noted that the Commonwealth’s vast population and GDP present significant opportunities for growth and development.
“The Commonwealth’s population of over 2.5 billion, about a third of the world’s population, and a GDP of over $13 trillion, expected to grow to $20 trillion by 2030, makes it an attractive platform for economic cooperation,” Obi said.
Obi stressed that Nigeria’s low contributions to the Commonwealth economy stem from its lack of productivity. He urged investments in agriculture and support for micro, small, and medium-sized enterprises through favorable policies.
“This is a wake-up call; we must prioritize productivity and set our production wheels in motion,” Obi emphasized.
He also highlighted the crucial role of youth in shaping the future, advocating for the Commonwealth to leverage youthful energy and innovation for sustainable development.
“As Commonwealth members, we are uniquely positioned to promote inclusive growth, foster innovation, and champion sustainable development,” Obi added.
To attract foreign and local investors, Obi advocated for adherence to the rule of law, positioning Nigeria as a significant contributor to the Commonwealth’s economic power.
This stance aligns with Obi’s previously stated goals, including restructuring the polity, leapfrogging Nigeria into the 4th Industrial Revolution, and enhancing human capital for productivity and global competitiveness.
