The Peoples Democratic Party (PDP) has accused the ruling All Progressives Congress (APC) of mismanaging Nigeria’s economy, claiming that the country has lost its position as Africa’s largest economy since the PDP left office in 2015.
Speaking at a press conference in Abuja on Wednesday, the PDP National Publicity Secretary, Debo Ologunagba, said Nigeria’s economic indicators were significantly stronger under the PDP administration, citing a GDP of over $600 billion and robust foreign investment inflows at the time.
“When the PDP left office, Nigeria was the number one economy in Africa. We had a GDP valued at over $600 billion, and we were attracting serious foreign investment,” Ologunagba stated.
He argued that the APC-led government has failed to build on the progress made during the PDP’s 16-year tenure, alleging that the country has instead witnessed economic regression, weakened investor confidence, and worsening poverty.
“Nigerians Can Compare the Two Eras” — PDP
Ologunagba maintained that Nigerians are now in a position to objectively assess the country’s performance under both administrations.
According to him, the economic hardship currently experienced by citizens is evidence of the APC’s policy failures.
“Today, Nigerians are yearning for the return of the PDP because they now know the difference. We left a stable, growing economy. What we have today is a complete reversal,” he added.
The opposition party also pointed to rising inflation, unemployment, and a depreciating naira as further indicators of economic decline under the APC.
Fact-Checking the Claims
While the PDP insists Nigeria was Africa’s top economy in 2015, available data suggests the ranking has fluctuated between Nigeria, South Africa, and Egypt over the years.
Economists often note that GDP rankings depend on exchange rate dynamics and sector performance, particularly oil prices, which heavily influence Nigeria’s economic standing.
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According to the World Bank and International Monetary Fund (IMF), Nigeria’s GDP peaked at around $568 billion in 2014 following a rebasing exercise, briefly placing it ahead of South Africa at the time.
However, subsequent economic challenges, including two recessions, a global oil slump, and the COVID-19 pandemic, have since affected overall output and investor confidence.
