Former presidential aspirant and Peoples Democratic Party (PDP) chieftain, Gbenga Hashim-Olawepo, has described the state of Nigeria’s economy after a decade of All Progressives Congress (APC) leadership as a “disaster,” arguing that the country has suffered a significant economic decline under the ruling party.
Hashim-Olawepo made the remarks on Wednesday during an appearance on Politics Today, a programme aired on Channels Television, where he assessed Nigeria’s economic trajectory since the APC assumed power in 2015.
According to him, key economic indicators show that Nigeria has failed to make progress over the last 10 years, despite its vast natural and human resources. He claimed that Nigeria’s Gross Domestic Product (GDP) was stronger two decades ago than it is today.
“Twenty years ago, when former President Olusegun Obasanjo was leaving office, Nigeria’s GDP was actually larger than what we have now,” he said.
The PDP stalwart also recalled that Nigeria emerged as Africa’s largest economy during the administration of former President Goodluck Jonathan, shortly before power changed hands to the APC-led government of Muhammadu Buhari.
“At the point Jonathan handed over to the APC, Nigeria was the number one economy in Africa,” Hashim-Olawepo said. “Today, we are struggling between fourth and fifth position. That is not progress; that is a disaster.”
Citing data from international financial institutions, he noted that Nigeria’s current GDP is estimated to be between $220 billion and $230 billion, based on projections from the International Monetary Fund (IMF) and the World Bank.
Hashim-Olawepo attributed the country’s economic challenges to what he described as poor policy choices, weak governance, and the absence of a coherent long-term development strategy under successive APC administrations.
