Obasanjo speaks on Nigeria’s economic challenges, solutions

A former Nigerian President, Olusegun Obasanjo, on Saturday, emphasised the need for a comprehensive, long-term economic agenda to address the country’s challenges.

Mr Obasanjo spoke on Saturday at the Paul Alaje Colloquium, themed ‘Nigeria’s Development: Navigating the Way Out of the Current Economic Crisis and Insecurity’.

The former president lamented the nation’s economic woes, attributing them to a lack of coherent policies, corruption, and greed among government officials. He cited the persistent fuel scarcity as evidence of the government’s failure to implement effective solutions.

He recalled his attempt to privatise refineries in 2007 as a solution to Nigeria’s energy problems but lamented that his successor reversed the decision, leading to further deterioration of the refineries and squandering of billions of dollars in investment.

He said he warned his successor that the decision was a grave mistake and that the refineries would be worth no more than scraps, fetching far less than $250 million if sold.

“Since then, more than 2.5 billion dollars have been spent on the refineries to no avail. Since the reversal of the decision to partly privatise the refineries, it has been corruption upon corruption, so it will continue to be.

“This is a typical example of the way that governments have destroyed the Nigerian economy and have embarked on some personal interest on a wasteful adventure,” he said.

Mr Obasanjo stressed the importance of compulsory schooling for all children and guaranteed employment rights for citizens, arguing that these measures are essential for social stability and economic development.

On security, the former president advocated a balanced approach to enforcement and rehabilitation, urging the government to address the root causes of crime and insurgency.

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Mr Obasanjo also called for consistency and transparency in policy implementation, adding that some of the recent decisions of the government were not properly executed.

He said the government made three decisions, two of which are deemed necessary but have been poorly executed, resulting in economic hardship for Nigerians.

The policies include the removal of subsidies, attempts to bridge the gap between the black market and official exchange rates, and addressing a military coup in Niger Republic.

According to him, the path to progress lies in prioritising production and productivity and fostering trust in government leadership.

He urged the government to adopt a transformational leadership style and regain the trust of investors and called for the implementation of a 25-year development plan that prioritises education, food security, energy, industrialisation, and technological innovation.