Peter Obi, the presidential candidate for the Labour Party in the 2023 elections, has voiced his disapproval of President Bola Tinubu’s economic strategies claiming that they have contributed to a slowdown in Nigeria’s economic progress.
Peter Obi, the former governor of Anambra state, has criticized President Bola Tinubu’s economic policies. He believes that these policies have led to problems such as less production in factories, more people without jobs, and a less attractive environment for investments.
Peter Obi said, “Increasing the Monetary Policy Rate (MPR) and Cash Reserve Ratio has pushed interest rates above 30%, making it exceedingly difficult for manufacturers and SMEs to access affordable credit.”
He further noted, “The current economic policies are not fostering growth; they are driving multinational corporations away, stifling local businesses, and deterring foreign direct investment.”
He advocated for a change in the policies to prioritize actions that encourage economic growth, assist small businesses, and attract long-lasting investments, with the aim of propelling Nigeria towards a path of recovery.
He added, “Again, I maintain that we must urgently reverse this ugly trend which is seriously resulting in further job losses, discouraging production in our nation, and has continued to hinder our movement from consumption to production.
“We need to reverse course and only initiate policies that can lead to growth and the birth of a new Nigeria.”
