Former Anambra State governor and Labour Party presidential candidate Peter Obi has raised concerns over Nigeria’s rising debt profile, warning that borrowing without corresponding economic growth is worsening the country’s financial position.
In a post shared on X, Obi cited recent World Bank reports indicating that Nigeria is now the third-largest debtor to the institution, with obligations estimated at about $18.7 billion. He noted that Bangladesh ranks first, owing approximately $23 billion.
Obi stressed that borrowing in itself is not inherently wrong. “Nations borrow to improve productivity and stimulate growth,” he wrote, adding that debt becomes problematic “only when it finances consumption, inefficiency, or corruption rather than investment as is our own case.”
To illustrate his point, Obi compared Nigeria’s economic performance with that of Bangladesh over the past decade. He said that in 2015, Bangladesh had a nominal GDP of about $195 billion and a per-capita income slightly above $1,235. By 2024–2025, he noted, Bangladesh’s economy had grown to between $460 billion and $500 billion, with per-capita income rising to roughly $2,700.
“In a decade, Bangladesh more than doubled the size of its economy, lifted incomes, and strengthened its export base,” Obi stated, attributing the growth to borrowed funds being channelled into productive sectors such as manufacturing, textiles, energy and human capital development.
