Peter Obi, the Labour Party presidential candidate in the 2023 election, has expressed deep concern over the alleged harsh economic policies in Nigeria, stating that they have negatively impacted both the monetary and fiscal aspects of the economy.
Obi highlighted that these policies have slowed down economic growth, driven multinationals out of the country, stifled small businesses, and discouraged foreign direct investment.
He emphasized the urgent need for Nigeria to reverse these policies and implement measures that promote growth and foster a new era of economic prosperity.
Citing Aliko Dangote's recent criticism of the current 30% interest rate, Obi noted that this reinforces his own warnings in February about the detrimental effects of the monetary policies under the Bola Tinubu administration.
Dangote, Africa's richest person, had condemned the decision to raise interest rates, arguing that it would hinder economic growth.
The entrepreneur also called for policies that protect and nurture domestic industries, enabling them to become indigenous champions capable of creating jobs amidst global economic challenges.
In a statement he personally signed on Thursday, July 4, Obi recalled his earlier objections to the monetary policy committee's decision to set the monetary policy rate (MPR) at 22.5% and increase the cash reserve ratio (CRR) to 45%.
He warned that these measures would exacerbate Nigeria's economic problems by pushing loan interest rates above 30%, making it extremely difficult for manufacturers and MSMEs to borrow and repay.
Obi's call for policy reform underscores the need for a strategic shift to foster economic growth and stability in Nigeria.