Nigeria has no business with poverty — Obasanjo
by Moronfolu Adeyemi · The Eagle OnlineFormer President Olusegun Obasanjo has said Nigeria has no business with poverty, arguing that the country’s natural resources, agricultural potential and human capital are enough to support a prosperous economy.
Obasanjo spoke during an interview on C-Suite Café, where he discussed Nigeria’s economic challenges and what he described as the country’s failure to fully utilise its available resources.
In a video shared on YouTube and dated September 10, the former president said: “Nigeria had millions of hectares of arable land, favourable climatic conditions and abundant water resources capable of supporting food production and large-scale agricultural exports.”
He also highlighted the country’s human capital, particularly the “entrepreneurial and intellectual capacity of Nigerians at home and in the diaspora”, as a major resource that remains underutilised.
Obasanjo further pointed to solid minerals alongside crude oil and natural gas as resources that could help diversify Nigeria’s revenue sources.
The former president blamed policy inconsistency for some of the difficulties facing the economy, particularly the abandonment of long-term programmes and agricultural initiatives whenever administrations change.
He also expressed concern over public borrowing and recalled the debt relief secured by his administration, which he said amounted to about $30bn in 2005 and 2006.
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Obasanjo identified corruption, crude oil theft and revenue leakages as other factors limiting the country’s ability to use its resources effectively for development.
According to the former president, addressing poverty in Nigeria requires political will, continuity in policies, particularly those focused on food security, and fiscal accountability across all levels of government.
He said Nigeria’s economic challenges could be overcome if its resources were properly managed and successive administrations sustained policies capable of delivering long-term development.
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