In a compelling commentary on Nigeria’s current economic crisis, Peter Obi, the Labour Party’s 2023 presidential candidate, has called on Nigerian leaders to take a cue from Argentina’s recent economic turnaround. Obi stressed that Nigeria’s ongoing struggles with inflation, poverty, and unemployment can be reversed through focused, disciplined leadership that prioritizes the welfare of the people.
Writing on his X (formerly Twitter) handle on Monday, Obi described the widespread hunger and poverty in Nigeria as more than just statistics; they represent the harsh daily reality for millions. Citing recent United Nations data, he revealed that approximately 34 million Nigerians face acute food insecurity, while about 63% of the population — roughly 133 million people — live in multidimensional poverty.
Obi further noted the severity of Nigeria’s economic distress: “Inflation, even when suppressed in official statistics, is nearly 30%. Unemployment and economic mismanagement have nearly wiped out our once vibrant middle class. Families who once lived stable lives are now slipping into poverty.”
He blamed the current state of affairs on “incompetent leadership without capacity and compassion” — leaders who have failed to put Nigerians first in their policies and governance.
Drawing a parallel with Argentina, Obi pointed out that the South American nation faced a far more severe economic crisis but managed to turn its fortunes around in just two years. Early in 2024, Argentina’s poverty rate stood at 52%, inflation exceeded 200%, and economic confidence had plummeted.
However, under decisive leadership committed to cutting government waste and restoring economic stability, Argentina managed to reduce poverty to 38.1% and extreme poverty to 8.2% within two years. Inflation was brought down to a manageable 2–3% monthly rate. By 2025, urban poverty had declined significantly, boosting investor confidence and reviving economic growth.
Obi highlighted that both Nigeria and Argentina’s leaders assumed office around the same time, underscoring that meaningful transformation begins with commitment and good governance. “Two years may not be enough to completely turn around a nation’s fortunes,” Obi said, “but it is more than enough to kickstart a transformation journey that leads to real and genuine change.”
Obi emphasized that Nigeria’s path to economic recovery lies in rooting out corruption, reducing the cost of governance, and focusing investment on critical sectors like education, healthcare, and poverty alleviation. He warned that without integrity and a people-first approach, Nigeria would remain trapped in cycles of economic hardship.
“We can reduce hunger and restore dignity to Nigerians,” Obi wrote. “But this will not happen while corruption and criminality dominate our governance structures. Nigeria requires leaders who will put the people first, manage resources prudently, and stand firm against corrupt practices.”
According to Obi, replicating the success of countries like Argentina is entirely possible if Nigeria leaders commit to transparent governance, fiscal discipline, and human capital development.
Nigeria, Africa’s largest economy, has faced persistent challenges including rising inflation, unemployment, and poverty levels, exacerbated by global economic pressures and internal governance issues. The latest United Nations reports and other economic analyses reveal a worrying trend in food insecurity and shrinking middle-class populations, threatening social stability.
Experts argue that without substantial policy reforms and focused leadership, these problems will worsen. Obi’s call for Nigeria to learn from Argentina adds to growing public discourse on the need for governance that prioritizes economic inclusion and development.