Obi: India Surpassing Japan in Economy Exposes Nigeria’s Economic Decline, Others

Chiemelie Ezeobi

Presidential hopeful, Mr. Peter Obi, yesterday, reacted to India’s emergence as the world’s fourth largest economy, describing it as a stark reminder of Nigeria’s economic decline and missed opportunities over the years.

In a statement posted on his X page titled: “Concerning Issues as India Surpasses Japan: A Stark Reminder of Nigeria’s Decline”, Obi said while this was a remarkable achievement for India, it raised questions about Nigeria’s economic performance.

“Over the weekend, it was announced that India has become the fourth-largest economy in the world, in terms of nominal GDP, surpassing Japan.

“According to IMF estimates for 2025, India’s GDP is projected to be about $4.187 trillion, while Japan’s GDP is approximately $4.186 trillion.

“India now aims to overtake Germany, which has a GDP of around $4.74 trillion, to become the third-largest economy.

“While this is a remarkable achievement for India, it raises questions about Nigeria’s economic performance. I have undertaken a comparison of the two countries, as they once shared a similar economic trajectory.”

Quoting historical estimates from the World Bank, he said at the end of 2007 (during Obasanjo’s presidency), India’s nominal GDP per capita was about $1,022, while Nigeria’s was approximately $1,816.

“By 2015 (at the end of the Yar’Adua/Jonathan era), India’s nominal GDP per capita had risen to around $1,584, compared to Nigeria’s GDP per capita of about $2,586, as stated by World Bank data.

“However, based on IMF World Economic Outlook projections, by 2025, India’s nominal GDP per capita is estimated to be about $2,878, while Nigeria’s is expected to decline to about $807,” he lamented.

Obi added that despite significant subsidy savings, substantial revenue growth, and excessive borrowing (more than all previous governments combined from 1999 to 2023), Nigeria’s performance remains troubling.

“The combined revenue for 2023 to 2025 amounts to approximately N200 trillion ($135 billion), yet there has been no meaningful improvement in critical areas such as healthcare, education, or poverty alleviation.

“In spite of these resources, issues like poverty, insecurity, healthcare, and education have worsened. Businesses, particularly small and medium enterprises, are closing daily due to lack of support, electricity remains erratic and expensive, and the costs of basic necessities—such as rent, transport, and food—continue to rise beyond the reach of ordinary Nigerians,” he posited.

Proffering solutions, Obi said, “I continue to call for national unity to build a leadership consensus anchored on competence, compassion, and character.

“This leadership must prioritise the welfare of Nigerians and invest in essential areas such as healthcare, education, infrastructure, agriculture, and technology.

“ It should also focus on cutting waste, reducing the cost of governance, and ensuring full transparency and accountability so citizens can track and assess national progress.

“Such a government must empower citizens economically, create jobs, support businesses, strengthen security, provide reliable energy and food security, promote innovation and human capital development, and restore trust in public institutions by holding officials accountable.

“This way, Nigeria’s vast resources can be directed toward building a prosperous, equitable, and secure nation for all.

“Only through united collective action, transparency, and visionary leadership can Nigeria close the gap with nations like India and ensure that its wealth translates into prosperity, security, and opportunity for all citizens.

“Other countries are already setting an example—the time for Nigeria to act, catch up, and reclaim its potential is now. A new Nigeria is Possible.”