Peter Obi: Successive Nigerian Leaders Betrayed Founding Fathers’ Vision, Caused Economic Decline
Story: written by Myra Chinonso October 2,2025
Former Labour Party presidential candidate in the 2023 general elections, Peter Obi, has accused successive Nigerian leaders of betraying the vision of the country’s founding fathers, blaming decades of failed leadership for Nigeria’s deepening socio-economic crisis.
Obi made the remarks in a nationwide broadcast on Wednesday to mark Nigeria’s 65th Independence Anniversary.
The former Anambra State governor lamented that Nigeria, once regarded as a potential economic and political powerhouse at independence in 1960, has failed to live up to its promise due to years of misgovernance.
He recalled that Nigeria’s founding fathers fought for independence with a strong belief in building a prosperous nation capable of competing with the world’s most advanced countries. He also noted that Time Magazine once projected Nigeria to emerge as a true African superpower.
“Sadly, this vision has been betrayed by leaders who enriched a select few while leaving the majority of citizens impoverished,” Obi stated.
Highlighting Nigeria’s economic trajectory, Obi noted that by the end of 2007, the nation’s total debt stood at about N2.5 trillion—just 10 percent of GDP—after President Olusegun Obasanjo’s administration secured debt relief of over $30 billion.
He further recalled that by 2014, Nigeria had become Africa’s largest economy and was well-positioned to attain middle-income status. However, he lamented that poor governance and reckless economic management reversed these gains, plunging millions of Nigerians into poverty.
