Former Labour Party presidential candidate, Peter Obi, has expressed concern over Nigeria’s deteriorating economic situation, citing India’s recent emergence as the world’s fourth-largest economy as a stark contrast to Nigeria’s declining fortunes.
According to Obi, India is poised to surpass Germany to become the world’s third-largest economy, with a nominal GDP projected at $4.187 trillion in 2025, surpassing Japan’s $4.186 trillion.
Obi noted that Nigeria’s economic decline is particularly troubling given the country’s vast resources and substantial revenue growth.
He pointed out that Nigeria’s nominal GDP per capita has declined sharply to around $807 in 2025, compared to India’s projected rise to $2,878.
This is a dramatic reversal from 2007, when Nigeria’s GDP per capita was $1,816, higher than India’s $1,022.
Quoting World Bank data, Obi said Nigeria once held a clear economic advantage over India.
“At the end of 2007, during the administration of former President Olusegun Obasanjo, Nigeria’s nominal GDP per capita stood at about $1,816, significantly higher than India’s $1,022,” he said.
He added that by 2015, at the close of the Yar’Adua/Jonathan administration, Nigeria still maintained its lead, with GDP per capita of about $2,586 compared to India’s $1,584.
However, Obi said IMF World Economic Outlook projections for 2025 reveal a dramatic reversal.
“India’s nominal GDP per capita is expected to rise to about $2,878, while Nigeria’s is projected to decline sharply to around $807,” he stated.
Obi attributed Nigeria’s economic woes to leadership failure and poor governance, emphasizing the need for a government that prioritizes citizens’ welfare, invests in critical sectors, and promotes transparency and accountability.
He called for national unity and a new leadership consensus anchored on competence, compassion, and character.
