Obi Highlights Argentina’s Reforms, Says Nigeria Needs Similar Action for Economic Stability
The 2023 presidential candidate of the Labour Party (LP), Mr. Peter Obi, has highlighted the improvement in Argentina’s economy under the leadership of President Javier Milei, asserting that Nigeria needs similar actions to achieve economic growth.
Obi, in a statement on Monday, decried the poverty rate in Nigeria and called for honest and focused leadership for the betterment of the country.
“In our country today, hunger and poverty are not just distant statistics, they are the harsh reality that millions of our people face daily. Recently, the United Nations stated that about 34 million Nigerians will face acute food insecurity, and about 63% of our population, which is about 133 million people, now live in multidimensional poverty.
“Inflation even with the suppressed statistics is nearly 30%, while unemployment and economic mismanagement have nearly wiped out our once vibrant middle class. Families who once lived stable lives are now slipping into poverty. But this is not just ordinary, it is as a result of incompetent leadership without capacity and compassion, who are not interested in putting the Nigerian people first in their actions.
“Other nations have faced similar challenges and turned their fortunes around through disciplined leadership, sound economic policies, and a total commitment from the leaders to invest in human development and pulling their people out of poverty,” he stated.
Obi referenced Argentina, saying: “In Argentina, over 52% of its population lived in poverty by early 2024 according to the World Bank, with millions of Argentines unable to meet basic needs. Inflation was above 200%, and economic confidence had collapsed.
“Yet, within two years, through decisive action to cut waste in governance and prioritize economic stability, the newly inaugurated president was able to cut down the poverty rate to 38.1% from 52% in just 2 years and extreme poverty fell to 8.2%, with inflation just around 2–3% monthly.”
He continued: “As at 2025, the urban poverty had declined to 31.6%, lifting millions of people out of poverty. Investor confidence grew and the economy began to grow. The people now see real improvements in their daily lives.
“Both Argentina and the current Nigerian leadership assumed office in the same year, and this proves what I have always stated, that two years may not be enough to change a nation with a 100% turn around but it is more than enough to kickstart the transformation journey that will change the fortune of our dear country, with the people witnessing real and genuine change, but only if the leadership is honest, focused, and committed to the people.”
The politician affirmed that Nigeria can work — reducing hunger, and restoring dignity to Nigerians. However, he noted that this will not happen while corruption and criminality dominate the country’s governance.
He emphasised that Nigeria requires leaders who will put the people first, manage resources prudently, and firmly reject corrupt practices.
He reiterated that Nigeria will work — but only if the leaders commit to tackling corruption, cutting the cost of governance, and focusing on critical areas of development like education, healthcare, and poverty alleviation — just as other nations have done with remarkable results.
