Peter Obi, the former Governor of Anambra State and presidential candidate in Nigeria’s 2023 elections, served as the guest speaker at Liverpool John Moores University (LJMU) on Wednesday.

The event, organized by The Liverpool Commonwealth Association, drew a host of notable attendees, including Mr. Mark Blundell, Lord-Lieutenant of Merseyside and representative of King Charles in Liverpool, Richard Kemp, Lord Mayor of Liverpool, and Tim Nicholl, Vice-Pro Chancellor of LJMU Business School.

Garth Dallas, Chair of The Liverpool Commonwealth Association, and Cllr Vanessa Boateng JP, General Secretary of the Liverpool Commonwealth Association, were also present.

In his address, Peter Obi spoke passionately on the theme “Harnessing the Commonwealth Advantage for Trade and Investment.”

He emphasized the potential of the Commonwealth, a global political and economic alliance comprising 56 member nations, most of which are former territories of the British Empire.

With over 2.5 billion people—representing nearly a third of the world’s population—and a combined GDP of over $13 trillion, the Commonwealth, Obi said, offers vast opportunities for growth and development.

He noted that this figure is projected to grow to $20 trillion by 2030, providing an unparalleled opportunity for member states to tap into.

Obi stressed that over 60% of the Commonwealth’s population is under 30 years old, representing a vast pool of energy, talent, and innovation.

According to him, this youthful demographic presents a unique advantage for the Commonwealth, which can be leveraged for sustainable economic prosperity.

He called for deeper cooperation between member states to harness the Commonwealth’s resources, promoting inclusive growth, fostering innovation, and driving sustainable development.

He argued that lowering barriers to trade, encouraging investment, and fostering collaboration across borders would significantly benefit all member states.

Focusing on Nigeria, Obi provided a critical analysis of the country’s low trade contributions to the Commonwealth, attributing it to a lack of productivity that has long hindered Nigeria’s potential.

“For us in Nigeria, this is a wake-up call,” Obi said, urging that Nigeria must break free from the chains of a consumption-driven economy and embrace a production-led model.

He warned that without a focused and aggressive push toward productivity, Nigeria would continue to lag behind, unable to contribute meaningfully to the Commonwealth’s growing economic power.

To turn the tide, Obi proposed practical solutions aimed at jumpstarting Nigeria’s economy.

He advocated for heavy investment in agriculture and a focus on supporting micro, small, and medium-sized enterprises (MSMEs) through favorable fiscal and monetary policies.

He highlighted the importance of creating an enabling environment for businesses by adhering strictly to the rule of law.

Obi stressed that both foreign and local investors are more likely to invest in Nigeria if they trust that the business climate is stable, predictable, and corruption-free.

In calling for reforms, Obi said that Nigeria should aspire to transition from its current model of heavy consumption to a more productive economy.

“We must clothe our nation in the garment of productivity and set the wheels of production in motion,” he declared.

According to Obi, this transition is vital for Nigeria to realize its full potential and take its rightful place as a significant contributor to the economic power of the Commonwealth.

Beyond Nigeria, Obi’s speech also echoed a broader call to action for all Commonwealth member nations.

He urged leaders and policymakers across the Commonwealth to recognize the alliance’s potential as a vehicle for mutual prosperity.

“The Commonwealth is uniquely positioned to lift multiple nations by ensuring that the prosperity of one member state has ripple effects on others,” he said.

He underscored the need for member states to leverage their shared history, cultural ties, and economic relationships to deepen trade and investment cooperation.

The Lord-Lieutenant of Merseyside, Mark Blundell, and Richard Kemp, Lord Mayor of Liverpool, praised Obi’s insightful speech, emphasizing the importance of strengthening Commonwealth ties, especially in the face of global economic challenges.

Garth Dallas, Chair of the Liverpool Commonwealth Association, echoed Obi’s views, stressing the need for greater collaboration among Commonwealth nations to drive sustainable growth.

Peter Obi’s message was clear: a new Nigeria is possible, but the road to achieving that vision requires decisive action.

His speech resonated not just with Nigerian attendees but with Commonwealth leaders as well, many of whom see the Commonwealth as an underutilized engine for global development.

Obi’s words serve as a reminder that, with the right leadership and policies in place, Nigeria and other Commonwealth countries can tap into their collective potential to foster economic advancement and social development.

His vision of a “new Nigeria” and a stronger Commonwealth echoed loudly in the halls of Liverpool John Moores University, leaving the audience inspired and hopeful for the future.