Labour Party presidential candidate in the 2023 elections, Peter Obi, has criticised the economic policies of President Bola Tinubu, attributing them to a slowdown in Nigeria’s economic growth.

The former Anambra state governor stated that Tinubu’s policies have caused serious challenges such as declining manufacturing output, rising unemployment rates, and a dwindling investment climate.

“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,” Obi stated.

Citing recent data from the Manufacturing Association of Nigeria, Obi stated that in 2023 alone, 767 companies were forced to shut down while 335 others faced financial distress.

“The current economic policies are not fostering growth; they are driving multinational corporations away, stifling local businesses, and deterring foreign direct investment,” Obi lamented.

He called for a reversal of the policies in favour of measures that stimulate growth, support small businesses, and attract sustainable investments to propel Nigeria towards economic recovery.

“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,” he added.