Why Peter Obi’s Policies Will Boost Nigeria’s Economy

Peter Obi, one of the three leading men in the 2023 presidential elections has been a person of interest in the contest. The political contender has garnered support from the youths, various church denominations, and the marketplace. 

It is however not surprising that some economists and market stakeholders also believe that Obi’s candidacy will bring about the change needed to transform the nation’s economy. In this article, we will examine reasons why Obi could generate more market-friendly policies. Let’s dive in:

His pledge to improve forex capacity by ending import restrictions 

One of the crises that investors have faced in the Nigerian economy is the crisis in foreign exchange. These crises which have various dimensions manifest in the acute shortage of forex in the official window. This shortage is what Obi promised to tackle. 

In his campaign manifesto tagged ‘Our Pact with Nigeria,’ The Labour Party (LP) candidate promised to improve forex capacity by ending import restrictions. He also noted that exporters will be empowered to sell their dollars at the market rate if he becomes President. 

Obi’s understanding of the market working would largely influence the policies he will introduce once he becomes president.

His emphasis on moving away from consumption to production 

Nigeria has long been a place of high consumption and low production. And Obi has promised production-centred growth for food security and export, moving Nigeria from consumption to production. 

In a report, Dr Emeka Okengwu, Chief Executive of Anthill Concepts Limited expressed the belief that since consumption also includes services, and by extension financial services, Obi will generate policies that will hugely benefit the market.

His academic background and affiliations with the market in the past 

Out of the three major political contenders in the 2023 election, Obi is the only one, who has an academic background and a series of affiliations to the economy. From his time at Lagos Business School, Nigeria, Harvard Business School, Boston, U.S.A. (Mid to Mid Marketing), to the London School of Economics, Obi’s wealth of knowledge properly positions him as a candidate who will introduce policies that will make the market experience exponential growth. 

It is also pertinent to note that Obi served as chairman of the Securities and Exchange Commission, this alone gives a market edge over the other candidates.

His investments in the stock market 

The LP candidate during his tenure as Governor of Anambra State invested $20 million in International Breweries on behalf of the state. This is a huge indication that Obi doesn’t only understand the market, but also appreciates it. While other contenders have investments, these investments are not in the stock market. 

Obi has through his investment proven that he largely understands the importance of the market to the nation’s economy. So, the policies of his administration could be tailored in favour of market trends.

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