Former Labour Party presidential candidate Peter Obi delivered a blistering assessment of the countrys economic decay and the forces undermining its future, insisting that illicit money has continued to weaken the Nigerian currency, the naira, against the American Dollar.
He spoke on Tuesday when top political leaders gathered in Abuja for a major event titled The Renaissance of the Obidient Movement.
The event, which featured a book presentation on the 2023 general election, was used to reawaken Nigerians to the fact that what was achieved in 2023 could be taken to the next levelwhen they can reclaim their country from the current failing system.
Speaking further, Obi said,
Let no one deceive you, todays government is not working for you. If they were, millions of our children wouldnt be out of school, and millions more wouldnt be wondering where their next meal will come from.
Obi zeroed in on the chaos surrounding Nigerias foreign exchange market, arguing that the problem isnt simply about floating or fixing the nairaits about purging the economy of stolen and dirty money.
Money is supposed to be an exchange of value. But in Nigeria, corruption has turned money into a tool for stealing value instead, he said. You cant talk about exchange rates when people are buying dollars with stolen money. To them, the rate doesnt matterits just more of the loot.
He explained that until the government addresses the flood of illicit funds in the system, the naira will never find its true value.
People say, Oh, Peter wants to float the naira. I say: Yes, but only after we clean up the system. You must first remove criminal money before talking about a market rate. When the money chasing dollars is real, earned money, then people will care about value again.
Obi pointed to examples from across the continent, showing how responsible governance can turn a country around.
Angola did it. Ghana is doing it. Their currencies were sinking until the people began to trust the system again, he noted. Confidence matters. Once people see that theres transparency, that government isnt stealing, the market stabilizes.
He stressed that simply removing fuel subsidies without cleaning up the corruption behind them is a recipe for disaster.
He added, I always said I would remove the criminality in subsidy first. Fix that, and then the real value of the naira will emerge. Dont just cut it off while the thieves are still holding the pipes.
Obi also highlighted a more visible sign of economic collapse: the disappearance of production.
I told someone recentlyjust drive on any Nigerian highway and count the number of trailers carrying goods. Youll find none. Thats the sign of an unproductive economy, he said.
He recalled how colonial-era railways were built to connect agricultural zones to the portsyet today, those rail lines have been abandoned, and the country now imports food while sitting on vast arable land.
The colonial masters built rail lines from Zungeru to Kafanchan, from Kano to Maiduguri. We tore them down. Now were hungry in a land full of land.
In closing, Obi reminded the audience that real change will require sacrificenot shortcutsand that the 2027 elections must be taken seriously at all levels.
Next time, we must get it right. Not just at the top, but in the National Assembly, in the states. We need people who want to serve, not people looking for a business opportunity in politics, he declared. If you want to go into politics to make money, youre part of the problem. We will organize. We will vote. And this time, the votes will count.
With a firm and hopeful tone, he left the audience with a challengeand a promise: Theres no shortcut to greatness. But if we remove the rot, rebuild trust, and get back to production, this country will rise again.
