Nigeria has no business with poverty, says Obasanjo

Former Nigerian President Olusegun Obasanjo has asserted that Nigeria should not be content with poverty. He attributed the nation's challenges to the inefficiency in leveraging its natural resources, agricultural potential, and human capital to foster a more prosperous economic environment. In an interview on C-Suite Café, Obasanjo elaborated on Nigeria's vast arable land, favorable climatic conditions, and abundant water resources that could be harnessed for food production and agricultural exports.

The former leader also highlighted Nigeria's human capital, which includes the entrepreneurial and intellectual abilities of Nigerians both within the country and in the diaspora, as significant yet underused assets. Furthermore, he pointed out that solid minerals, in addition to crude oil and natural gas, could provide a diversified revenue stream for Nigeria.

Obasanjo criticized policy inconsistency as a contributing factor to the economic woes, specifically the discontinuation of long-term programs and agricultural projects following changes in government. He also expressed concerns over public borrowing and emphasized the debt relief his administration secured, amounting to approximately $30 billion in 2005 and 2006. Other impediments to development, as identified by Obasanjo, include corruption, crude oil theft, and leakages in revenue generation.

To address Nigeria's poverty, Obasanjo stressed the necessity of political will and policy continuity, especially in areas concerning food security. He advocated for fiscal accountability at all government levels to ensure that the country's resources are managed effectively. According to Obasanjo, the realignment of policies to facilitate proper resource utilization and the maintenance of policies capable of generating long-term development could resolve Nigeria's economic difficulties.