Labor Party presidential candidate Peter Obi on Wednesday described Moody’s Investors Service’s recent downgrade of Nigeria’s credit rating from B3 to junk bonds as worrying.

Obi said that although the sad situation was a verdict on the government’s inability to fix the Nigerian economy, the seriousness of the problem does not require blame games, but a determined effort to provide solutions that can improve the lot of Nigerians and the country itself. . .

“The rating agency’s gloomy outlook for our country is a wake-up call to the need for fundamental change and a new approach to formulating and implementing our nation’s economic policy,” Obi said in a statement Wednesday by his organization. campaign.

“The persistent fiscal mischief, the institutional vulnerabilities and the social challenges that our country faces are issues that we must address head-on and with the seriousness they deserve.

“I don’t think this is a time for blame games. Governments have done what they could but have not solved the problem. Now is the time to bring in the right team with the competence, ability, character and compassion to begin to reverse the trend and get on the path to solving problems with the urgency and determination it deserves,” he added.

Obi maintained that despite Nigeria’s bleak economic prospects, all hope has not been lost. He added that, if elected, his administration would prioritize the implementation of policies that address the nation’s institutional vulnerabilities and social challenges.

The former Anambra state governor said his administration would work to create a more stable and predictable business environment and would “focus on reducing the country’s dependence on oil production,” thereby strengthening its external profile.

“There is hope for a better future for our nation. As his brother and friend who is also feeling the impact of Nigeria’s bad governance, and not just the Labor Party’s presidential candidate, I am committed to implementing a new economic vision that puts the needs of all Nigerians first,” Obi said.

“Our plan will focus on creating jobs, driving economic growth and eradicating poverty while ensuring our country’s finances are sustainable. We are not promising what we cannot deliver. Our background is verifiable.

“We will work hard to break the vicious cycle of high government borrowing needs, rising interest rates, institutionalized corruption, and limited financing options. We will comply with this.

“It is time for real change, and the Labor Party stands ready to provide the necessary leadership and vision to get Nigeria back on track. We must act now to restore confidence in our economy and ensure a brighter future for all Nigerians.

“I believe that with the right leadership we provide and the quality team, we are coming together to get the job done, we will turn the tide on Nigeria’s economic woes and create a more prosperous, equitable and stable country for all. Nigerians,” Obi added.