By Stephen Simon
Former President Olusegun Obasanjo has said Nigeria has no justification for remaining poor, given its abundant land, water, favourable climate, natural resources and human capital.
Obasanjo stated this in an interview on C-Suite Café, where he examined Nigeria’s economic challenges and why the country has struggled to translate its enormous resources into sustainable wealth and development.
The former president said Nigeria’s millions of hectares of arable land, favourable weather conditions and abundant water could support large-scale agriculture, food production and exports. He also identified the skills and entrepreneurial capacity of Nigerians at home and abroad as important resources that remain underutilised.
Obasanjo said Nigeria’s wealth was not limited to agriculture, noting that the country also possessed solid minerals, crude oil and natural gas that could provide multiple sources of revenue if properly managed and developed.
He identified inconsistent government policies as one of the major obstacles to development, criticising the practice of abandoning programmes and agricultural initiatives whenever a new administration takes over. He said long-term economic development requires policy continuity and sustained implementation.
The former president also raised concerns about corruption, crude oil theft and weaknesses in revenue collection, saying these problems prevent Nigeria from deriving the full benefit of its resources. He linked the country’s continued economic difficulties to its failure to properly utilise its enormous potential.
Obasanjo also recalled his experience as chairman of the African Union, including a visit to Guinea-Bissau with former Ghanaian President John Kufuor. He said the experience reinforced his belief that African countries often possess sufficient natural resources to feed and develop themselves but continue to depend heavily on imported goods.
He argued that greater local production would create jobs, reduce pressure on foreign exchange and enable African economies to retain more wealth within their countries.
The former president also recalled the debt relief secured by his administration, which he said amounted to about $30 billion in 2005 and 2006. He expressed concern over public borrowing, stressing that governments must ensure borrowed funds are channelled into productive investments that generate economic value.
His comments come amid continuing debate over Nigeria’s economic direction, rising living costs, food production and the ability of successive governments to turn the country’s natural and human resources into improved living conditions for citizens.
Obasanjo said the central issue was not whether Nigeria had enough resources to prosper, but whether the country could build the policies, institutions and leadership needed to use those resources effectively.
