Peter Obi the Presidential candidate of the Labour Party in Nigeria’s 2023 general election, has said that Africa is not inherently poor, but suffers from poor management of its vast natural wealth because of failed leadership.
He made the statement while speaking at the London Business School, where he was a guest of the Africa Business Club during a discussion themed, “From Promise to Prosperity: Charting Africa’s Development with Political Will and Vision.”
During his keynote address and an interactive Q\&A session, Obi emphasized Africa’s enormous natural and human resources, pointing out that the continent holds about 30% of the world’s known mineral reserves and over 60% of the world’s uncultivated arable land.
“60% of global solar energy potential is in Africa, yet we are still talking about energy poverty,” he said.
He also highlighted Africa’s youthful population, noting that over 60% of the continent’s 1.4 billion people are young and productive, and projected that by 2050, 40% of the world’s youth will be African.
Despite these advantages, Obi decried the state of poverty, insecurity, and unemployment that still plagues the continent.
“Our problem is simple, failure of leadership,” he stated, contrasting Africa’s developmental trajectory with Asia’s.
Obi noted that while Asia now contributes over 35% of global GDP due to its focus on education, healthcare, and poverty reduction, Africa contributes less than 3%, partly because of misplaced priorities by its leaders.
He urged African governments to make deliberate investments in education, healthcare, productivity, and poverty alleviation, while also promoting competent and accountable leadership.
“Africa doesn’t lack potential. What we lack is purposeful, accountable, and competent leadership,” he said.
