The Presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has outlined plans to transform Nigeria from what he described as a consumption-based economy to a production-driven one if elected president. Obi, a former Anambra State Governor, disclosed this during an appearance on Channels Television’s Sunday Politics programme on July 26, 2026. He said his economic plan would focus on agriculture, manufacturing and support for small businesses as the foundation for economic growth.
Obi said Nigeria possessed the land, resources and human capital needed to become one of the world’s leading food producers and exporters but had failed to harness its potential. What he is saying
According to Obi, economic growth, job creation and poverty reduction can only be achieved by increasing local production rather than relying on imports. He said Nigeria could produce enough food to feed itself and generate more revenue from agriculture than crude oil if the right investments were made. “The only way to pull Nigeria out of poverty, or even genuinely grow GDP, is through production, not consumption.”
“This country can produce enough of what we can eat, and we can actually make more money from agriculture than we make from oil because, as it is today, we have vast uncultivated land.”
“The Netherlands earns over €120 billion, which is about $130 billion—from agricultural exports every year.
That’s three times what we earn from oil.”
Obi pointed to rice as an example, saying Nigeria produces less than 10 million tonnes of unmilled rice annually, which he attributed to years of cheap food imports that have undermined local farmers. More insight
Obi said agriculture alone would not transform the economy unless it was linked to manufacturing, adding that increased agricultural production would provide raw materials for local industries, strengthen exports and create millions of jobs.
“From there you move into manufacturing. The only way you can pull Nigeria out of poverty or even increase the so-called GDP you want to pursue to $1 trillion is through production.”
“To build a strong economy, you need a strong manufacturing base, and you must export.”
“I didn’t say the federal government would produce.
We will encourage entrepreneurship, we will encourage small businesses.”
Obi argued that the government should create the conditions for businesses to thrive rather than become a producer itself, noting that small businesses remain major employers in successful economies. He cited Indonesia, where he said about 90% of jobs come from small businesses supported by affordable government-backed financing, and China, where he said roughly 60% of jobs nationwide and up to 80% in urban areas are created by small businesses. What you should know
Peter Obi had in May 2022 said that if elected president, he would stop the usual monthly revenue allocation sharing formula and replace it with a production formula.
He said it was important for everyone to be productive if Nigeria was to survive. Obi argued that other countries around the world were focused on producing while Nigeria was focused on sharing and consuming. His latest comments again place production, agriculture, manufacturing and small-business development at the centre of his proposed approach to economic growth.
