AUTHOR: Lanre Olagunju


Peter Obi, former governor of Anambra state, and presidential flagbearer of the Labour Party (LP) made multiple claims while presenting his economic plans at the dialogue series for presidential candidates, organised by the Nigerian Economic Summit Group (NESG).

TheCable checked some of the claims, and here is what we found.


CLAIM 1: “Nigeria’s manufacturing sector is contributing less than 10 percent to the GDP.”

VERDICT: True.

According to the Nigerian Bureau of Statistics (NBS), the third quarter report for 2022 shows that the manufacturing sector contributed 8.59 percent to the GDP.

This figure is lower than 8.96 percent recorded in Q3 2021, as well as 8.65 percent in the preceding quarter – Q2 2022.


CLAIM 2: “Agriculture contributes almost 26 percent to Nigeria’s GDP.”

VERDICT: Incorrect.

Agriculture contributes 29.67 percent to the nation’s overall GDP in Q3 2022, a reduction from 29.94 percent recorded in Q3 2021.

Going by the NBS data for Q3 2022, the non-oil sector contributed a total of 94.34 percent to GDP. The oil sector contributed only 5.66 percent, a decline from 7.49 percent recorded in Q3 2021, and 6.33 percent in the second quarter of 2022.


CLAIM 3: “Unemployment in Kenya is less than 10 percent.”

VERDICT: True.

According to Statista and Macrotrends, the most recent data released in 2021, says the unemployment rate in Kenya is 5.74 percent.

Unemployment refers to the ratio of the labour force that is without work, but is available and seeking jobs.

In 2020 it was 5.73, 5.01 in 2019 and 4.25 in 2018.

Between 2003 and 2016, the unemployment figure in the east African country was repeatedly below 3 percent.


CLAIM 4: “The Netherlands has a land mass of 33,000 sq km.”

VERDICT: True.

The World Bank puts the total land mass of the Netherlands has 33, 670km sq


CLAIM 5: “The Netherlands had agricultural exports of $120 billion in 2021”

VERDICT: Incorrect. Netherlands’ total export for 2021 was $130.7 billion not $120 billion.

In the Netherlands, agricultural sector export is divided into agricultural-related goods and agricultural goods

Agricultural-related goods refer to non-edible goods that are produced for the agricultural sector at home or abroad, while Agricultural exports directly refer to those goods produced – processed or unprocessed – in the Netherlands.

In line with 2021 data, the total volume of agro-export summed up to €122 billion ($130.7 billion). The export of edible agricultural products was estimated at €106 billion, while non-edible stood at €16 billion.


CLAIM 6: “I know that the biggest country, which is America today has almost 90 percent debt to GDP, second one China has over 60 percent debt to GDP, Japan is 230 percent. Even Singapore we cite every day is 130 percent debt to GDP. The problem we have as a country is that the money we borrow disappears.”

VERDICT: False. Although checks by TheCable revealed that the four countries mentioned are all indebted, however, the figures stated by the presidential candidate are all inaccurate.

Investopedia defines debt-to-GDP as the ratio that compares a country’s public debt to its gross domestic product (GDP). This ratio is derived by comparing what a country owes with what it produces. It is also able to reveal the number of years needed to pay back debt if a nation’s GDP is solely dedicated to that.

United States

The debt-to-GDP ratio in the United States as of 2022 was 124 percent, not 90 percent as obi claimed.

According to Fiscal Data, an online platform that analyses the US financial data, America’s debt to GDP was 124 percent going by 2022 records.

In 2013, the US surpassed the 100 percent debt-to-GDP ratio when debt and GDP were approximately $16.7 trillion.

China

At the end of 2022, China’s debt-to-GDP ratio was 76.9 percent, not 60 percent as Obi stated.

Japan

In September 2022, Japan’s debt accounted for 263.9 percent of its GDP and not 230 percent going by Obi’s statement. The 2022 figure was an upsurge from 259.4 percent recorded in 2020 during the COVID-19 pandemic.

Singapore

Going by the International Monetary Fund (IMF), Singapore’s official debt-to-GDP ratio stands at 141.1 percent, not 130 percent as Obi claimed.


CLAIM 7: “Nigeria’s debt is 77trn.”

VERDICT: False. Nigeria’s debt presently stands at N44.06 trillion not N77 trillion.

Nigeria’s most recent debt report was published in September 2022 by the Debt Management Office (DMO).

The report says that Nigeria’s public debt stock, which sums up the state government’s debts – including the federal capital territory (FCT) – and that of the federal government is N44.06 trillion.

The report reveals that Nigeria’s public debt stock is N44.06 trillion. This figure is reached by summing the state government’s debts – including the federal capital territory (FCT) – and that of the federal government.

The nation’s domestic debt presently stands at N26.92 trillion, while the external debt is N17.14 trillion.

However, Patience Oniha, the director-general of DMO, said the federal government’s plan to securitise the loans – ways and means – from the central bank would drive up the country’s debt to about N77 trillion.

This implies that the next administration would inherit a debt of about N77 trillion at the end of President Buhari’s tenure in May.


CLAIM 8: “Nigeria’s total export in 2021 was N18.9trn.”

VERDICT: True.

Export data released by the Central Bank of Nigeria (CBN) revealed that in 2021, the country’s total export stood at $46.69 billion, an increase from $35.9 billion recorded in the previous year.

TheCable also analysed NBS data on foreign trade which revealed that Nigeria’s exports were valued at N18.9 trillion in 2021, equivalent to $47.3 billion going by the average official exchange rate of N399.6 in 2021.

https://www.thecable.ng/fact-check-how-accurate-are-peter-obis-claims-at-nesg-economic-dialogue/amp

Nlfpmod

Obi dey try sha but he goes nowhere

Atiku is coming

No one is fact checking Thiefnubuu and Athiefkku. Only the people's choice Obi.

we know obi no be today

Reading

I bought 125,000 Naira diesel for my truck and when the attendant saw Obi's sticker on my windscreen She was very happy, did not collect money from me. Gave me all her sales money for the day, promised me free diesel worth 125k every week. The one wey sweet me pass be say she promised me free T_T_ every weekend.
When master dey lie, what do we expect from followers.

Obimumu the fool, him tu dey lie... God forbids having that worthless akpu munching fool as president of this great country....
Obidindinrin will labour in vain, nyamiris will never rule this country and beerfraud they won't get.... God bless BAT

Peter Obi always churn out figures like Guinness Book of Record to compensate for his lack practical economic approach and execution.

I remember the days of Biafran Secret Service and Ipob Bureau of Statistics.
That was when Kanu was referred to as the Supreme Leader, Nwachineke (Son of God), then they referred to Buhari as Jubril of Sudan.

That was when dumb pigs were organising rallies in support of Donald Trump. When pigs said Kanu wants to buy nuclear missiles to destroy Nigeria.

Today, Igbos are begging Jubril of Sudan not to release Kanu.

When this fairly used PDP product called Peter Obi loses, he will decamp to PDP and his misguided followers will abandon Kanu and look for another fool to follow, most likely Ekpa.

A pathological liar. Obi is known as liar. A fraud

Likes for OBI


Shares for OBI

Obidents make Una put smile for my face pls..

Thanks

(Fink)

Alright!

Wetin be una own sef on facts checks.....na only peter obi come there, what about fact checks on what tinubu or atiku said!

duro4chang:
A pathological liar

How many fact has Balablu ever dropped.

His performance was woefully compare to Asiwaju with practical approach. Go to YouTube and watch.

dre11:



https://www.thecable.ng/fact-check-how-accurate-are-peter-obis-claims-at-nesg-economic-dialogue/amp

Nlfpmod

oniro Oshi
Lying machine

That he stated all these by heart is even more impressive.

K

What is there to fact check about the druggie? I am Yoruba and I would rather go With Obi than the peeing and shaking drug lord

The checkers are DUMB sorry to say.


Put in context, everything he said is correct.

If he said Netherlands’ total export for 2021 was $120 billion and it happens it was actually $130.7 billion, THIS ONLY AMPLIFIES THE POINT HE WAS MAKING THAT NETHERLAND ARE MAKING SO MUCH FROM AGRICULTURE

Miracood2:


How many fact has Balablu ever dropped.

Obi is a liar. A deranged. An effeminate.

The guy tried,

Modified :. Ever since my partners younger sister came to live with us,I have had my eyes on her like a student in an exam Hall casting long glances at the answer sheet of the brilliant student who seems to be writing and filling his answer sheet with answers non stop,

She appears to be younger and fresher and I believe shell have a tighter pussy than my partner since she appears to be a little above 18 years, when ever we are alone in the absence of my partner,my penis begins to misbehave like a hungry child at the sight of food, and I tend to enter into a long battle with the spirit of lust,although I have been winning the battle, but for how long before I lose my victory and fall for this temptation

Any time she passes me by on bum short my eyes seem to stray along the path she walks like a lost dog away from home, she knows I stare at her alot and when she catches me, she smiles like the customer of a network provider will smile at the sight of message of receiving free 10mb. How can I be going through so much in my own apartment

Peter Obi is so intelligent

duro4chang:
Obi is a liar. A deranged. An effeminate.

Says a faceless keyboard warrior 😂🤣

See your personal text as advice to yourself

He get some , miss some..


We don tell am to run away from statistics...he dey do strong-head ...now, he don get false pass true