Peter Obi, who is running for president as a Labour Party candidate in 2023, said that Nigeria should focus on output and increase its trade with the Commonwealth.
Obi stressed in a statement on Thursday that Nigeria needs to move away from an economy based on spending. He was a guest speaker at Liverpool John Moores University on the topic of “Harnessing the Commonwealth Advantage for Trade and Investment.”
“The Commonwealth has over 2.5 billion people, which is about a third of the world’s population, and a GDP of over $13 trillion, which is expected to grow to $20 trillion by 2030. If these opportunities are used correctly, they will be great for growth and development,” Obi said.
The Liverpool Commonwealth Association put on the event, and well-known people like Mark Blundell, Lord Lieutenant of Merseyside, Richard Kemp, Lord Mayor of Liverpool, and Garth Dallas, Chair of the Liverpool Commonwealth Association, were there.
Obi stressed that Nigeria’s low productivity has kept its input to the Commonwealth economy low.
“Wake up!” “We need to make our country more productive and get the production wheels turning,” he said, calling for money to be put into farms and for micro, small, and medium-sized businesses to be helped by good policies.
He also talked about how young people can help shape the future and asked the Commonwealth to use the energy and ideas of young people for sustainable development.
“Therefore, the focus must stay on using these huge resources, especially the energy and creativity of young people, for the collective progress, long-term growth, and economic well-being of member states and their citizens.”
“As Commonwealth members, we are in a unique position to support growth that benefits everyone, encourage new ideas, and push for long-term sustainability.”
“We can change our economies by lowering trade barriers, encouraging investment, and working together more closely,” he said. “The prosperity of one nation lifts many others.”
To bring in both foreign and domestic businesses and make Nigeria a major economic power in the Commonwealth, Obi also pushed for strict adherence to the rule of law.
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