2023 Presidential candidate of the Labour Party (LP), Peter Obi, has concluded with confidence that Nigeria’s “economy is struggling”.
The former Governor of Anambra State made the conclusion after attending the Kaduna International Trade Fair “to engage with business owners, observe the activities of SMEs, and assess the true state of Nigeria’s economy and business environment”.
Obi said, “from my interactions, I observed an economy in decline. The trade fair itself was a shadow of its former self once vibrant, now nearly deserted, with multinational companies conspicuously absent.”
He opined, “as a country, we must return to policies that prioritize production over consumption, strengthening the backbone of our economy—our small businesses, industries, and entrepreneurs.”
According to Obi: “On Wednesday 19th, as part of my planned visit to Kaduna, I attended the Kaduna International Trade Fair to engage with business owners, observe the activities of SMEs, and assess the true state of Nigeria’s economy and business environment.
What I witnessed was twofold.
From my interactions, I observed an economy in decline. The trade fair itself was a shadow of its former self once vibrant, now nearly deserted, with multinational companies conspicuously absent. As a trader and a keen observer of economic activities, I can confidently say that our economy is struggling. Having attended the trade fair several times over two decades ago, I noticed the glaring absence of major corporations that once actively participated.
The Kaduna Trade Fair was once a thriving hub of commerce, attracting businesses, investors, and innovators from across the nation. In its prime, securing a booth or booking a hotel during the fair required weeks, sometimes months, of advance planning. I recall having my own space at the fair, witnessing firsthand the energy, opportunities, and partnerships it fostered. It was a significant contributor to our national economy, drawing global participation and expanding trade beyond our borders. As a country, we must return to policies that prioritize production over consumption, strengthening the backbone of our economy—our small businesses, industries, and entrepreneurs.
We must learn from nations like Indonesia, Bangladesh, and India, which have successfully implemented economic models that empower local businesses, enhance manufacturing, and create sustainable jobs. Nigeria has the potential to reclaim its status as a major commercial hub in Africa, but this requires prudent leadership, strategic economic planning, and the political will to support business-friendly policies.
A New Nigeria is POssible!”
