Obi calls for Nigeria’s shift to production economy

The 2023 presidential candidate of the Labour Party, Peter Obi, called for Nigeria to embrace productivity and improve its trade contributions to the Commonwealth.

Speaking as the guest speaker at Liverpool John Moores University on the topic “Harnessing the Commonwealth Advantage for Trade and Investment,” Obi, via a statement on Thursday, stressed the need for Nigeria to move away from its consumption-driven economy.

“With a 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, the Commonwealth presents great opportunities for growth and development if properly harnessed,” Obi said.

The event, organised by The Liverpool Commonwealth Association, featured notable attendees, including Mark Blundell, Lord Lieutenant of Merseyside, Richard Kemp, Lord Mayor of Liverpool, and Garth Dallas, Chair of the Liverpool Commonwealth Association.

Obi emphasised that Nigeria’s contributions to the Commonwealth economy have remained low due to its lack of productivity.

“This is a wake-up call. We must clothe our nation in the garment of productivity and set the wheels of production in motion,” he said, urging for investment in agriculture and support for micro, small, and medium-sized enterprises through favourable policies.

He further highlighted the role of youth in shaping the future, calling for the Commonwealth to leverage its youthful energy and innovation for sustainable development.

“The focus must, therefore, remain on leveraging these immense resources, especially the youthful energy and innovation for the collective advancement, sustainable development, and economic prosperity of member states and their citizens.

“As members of the Commonwealth, we are uniquely positioned to promote inclusive growth, foster innovation, and champion sustainable development.

“By lowering barriers to trade, encouraging investment, and deepening cooperation, we can transform our economies, ensuring that the prosperity of one nation lifts many others,” he added.

Obi further advocated for adherence to the rule of law to attract both foreign and local investors, positioning Nigeria as a significant contributor to the Commonwealth’s economic power.