By Ayomide Otitoju
The 2023 Labour Party presidential candidate, Peter Obi, has urged Nigeria to shift from its consumption-based economy to a productivity-driven model to strengthen its trade contributions to the Commonwealth.
Speaking at Liverpool John Moores University on Thursday as the guest speaker on “Harnessing the Commonwealth Advantage for Trade and Investment,” Obi stressed the importance of seizing opportunities within the Commonwealth, which has a population of over 2.5 billion and a GDP projected to reach $20 trillion by 2030.
“The Commonwealth presents vast opportunities for growth and development if properly harnessed,” Obi said, adding that Nigeria’s low contributions stem from its lack of productivity.
The event, organized by The Liverpool Commonwealth Association, attracted key figures such as Mark Blundell, Lord Lieutenant of Merseyside, Richard Kemp, Lord Mayor of Liverpool, and Garth Dallas, Chair of the Liverpool Commonwealth Association.
In his address, Obi emphasized the need for Nigeria to invest in agriculture and support micro, small, and medium-sized enterprises (MSMEs) through favorable policies. He described the nation’s shift towards productivity as a “wake-up call.”
“We must clothe our nation in the garment of productivity and set the wheels of production in motion,” he said.
Highlighting the role of youth, Obi called for the Commonwealth to leverage the energy and innovation of young people for sustainable development. He underscored the importance of inclusive growth, fostering innovation, and lowering trade barriers to achieve collective economic prosperity.
“By lowering barriers to trade, encouraging investment, and deepening cooperation, we can transform our economies, ensuring that the prosperity of one nation lifts many others,” he added.
Obi also advocated for strict adherence to the rule of law to attract both local and foreign investors, positioning Nigeria as a major player in the Commonwealth’s economic future..
