Emmanuel OchayiLabour Party Presidential candidate in the February 25 election, Peter Obi, has again shed light on the stark reality facing Nigeria, where according to him, “Political Leaders have turned Governance into a gigantic criminal enterprise.”
In a hard-hitting address delivered at Princeton University on Friday, 29 September, Mr. Obi made a scathing critique of cumulative bad leadership in Nigeria over the years, using historical data and personal insights to highlight the nation’s downward trajectory.
In a hard-hitting address delivered at Princeton University as Keynote Speaker at Chinua Achebe International Symposium and 40th anniversary of his booklet “The Trouble with Nigeria” on Friday, September 29, 2023, Mr. Obi delivered a scathing critique of cumulative bad leadership in Nigeria over the years, using historical data and personal insights to highlight the nation’s downward trajectory.
In a statement about the event posted on his X page formerly Twitter, Mr. Obi said, “I elucidated to the audience how cumulative bad leadership, over the years, has done great harm to the Nigerian nation, using the periods 1980-1983 and 2020-2023 to illustrate. Our Political Leaders have turned Governance into a gigantic criminal enterprise, and wickedly plundered our commonwealth, which made our country become among the very few Nations in the world developing backward.”
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He continued: “The world is about to exit fossil fuel, and yet we cannot point to sustainable investment or savings from the trillions of petro-dollars we have earned since 1959. Consequently, we are classified among failing/failed States.”
The former Anambra State governor, while highlighting the dire state of Nigeria’s socio-economic indicators, presented alarming statistics. “Within the said period, our poverty numbers have quadrupled to 130 million people living under multi-dimensional poverty, making us the undisputed poverty capital of the world. We now have over 22 million out-of-school children, again another undisputed champion in the world. We are now among the 5 most dangerous or unsafe countries in the world.”
Discussing economic stagnation, he said, “Our GDP per capita in 1981 was $2180, and in 2020/21 was $2097, which not only shows that there was no growth, but in fact, we are far worse.”
Mr. Obi also lamented the drastic depreciation of the Nigerian currency, the Naira, over the years. “Our currency Naira exchanged at ₦1/$1.60 in September 1983, and 40 years after September 2023, ₦1,000,000 is now equivalent to just $1,000.” He highlighted the erosion of purchasing power, noting that the minimum monthly wage, which was ₦125 in 1980/1983, is now ₦30,000, a mere $30, representing just 1/6 of its value from four decades ago.
Furthermore, Mr. Obi commented on the plight of university professors, stating, “University Professors were paid between ₦1000 and ₦1200, which was about $1,600-2000 then. Today, if they are lucky to be paid as and when due, they will earn ₦400,000, which is approximately $400, about 1/5 of the earnings 40 years ago with far less purchasing value.”
Concluding his address, Mr. Obi called for a renewed commitment to leadership with good character, competence, and capacity.
He said, “Though people will have the opportunity to listen to the full speech, my closing remarks remain that with committed leaders of good character, competence, and capacity, we can start the rebuilding and healing process to a possible New Nigeria.”
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