Former President Olusegun Obasanjo has said Nigeria has no reason to remain poor, given the country’s vast natural resources, agricultural potential and human capital.
Obasanjo made the remarks during an interview on C-Suite Café, where he discussed the country’s economic challenges and the failure to effectively harness its available resources.
The former president pointed to Nigeria’s large expanse of arable land, favourable climate and abundant water resources, saying these could support significant food production for both local consumption and export.
He also identified the skills and entrepreneurial abilities of Nigerians at home and in the diaspora as major assets that could contribute to economic growth if properly utilised.
According to him, Nigeria’s wealth extends beyond crude oil and natural gas, with its solid mineral deposits also offering opportunities to diversify government revenue and strengthen the economy.
Obasanjo, however, blamed policy inconsistency for slowing the country’s development, particularly the tendency of successive administrations to abandon long-term programmes initiated by their predecessors.
He also expressed concern over Nigeria’s growing debt burden, recalling that his administration secured about $30 billion in external debt relief between 2005 and 2006.
The former president identified corruption, crude oil theft and other leakages in public revenue as major factors preventing the country from converting its resources into infrastructure and improved living standards.
He argued that poverty can only be significantly reduced through sustained political commitment, continuity in economic policies and stronger accountability in the management of public resources.
Obasanjo maintained that Nigeria’s economic challenges are not beyond solution, stressing that effective management of the country’s resources and consistent long-term planning could put the nation on the path to prosperity.
