Former President Olusegun Obasanjo criticized the administration of President Bola Tinubu for the way it implemented the removal of the petrol subsidy, describing the move as necessary but executed in a “wrongly and thoughtlessly” manner.
Obasanjo made these remarks during a virtual speech at a colloquium titled “Nigeria’s Development: Navigating the Way Out of the Current Economic Crisis and Insecurity.”
Obasanjo argued that the federal government mishandled the implementation of the subsidy removal and the unification of exchange rates, leading to increased impoverishment of Nigerians.
He expressed concern that these actions, while necessary, were poorly executed, exacerbating economic hardships. He also noted that the government’s approach to dealing with the military coup in Niger Republic was another critical issue.
Regarding foreign investments, Obasanjo criticized the Tinubu administration for failing to instill confidence and trust among investors. He highlighted that when domestic investors are exiting the market, it is challenging to attract foreign investors.
He pointed to Total Energy’s decision to invest $6 billion in Angola instead of Nigeria as a sign of Nigeria’s unstable and unpredictable policy environment.
Obasanjo emphasized that the path to economic progress lies in production and productivity, driven by trust in government leadership.
He asserted that economic progress requires hard work and cannot be commanded, not even by military orders. He suggested that with proper leadership and policies, Nigeria could start seeing positive changes within two years. However, this requires a significant shift in leadership characteristics and attitudes to gain investors’ confidence.
He warned that investors are keenly aware of Nigeria’s challenges and are currently skeptical about investing in the country. To change this perception, Nigeria must present itself as a stable and reliable destination for investment.
With consistent and stable policies, integrity, and a genuine purpose, Obasanjo believes that Nigeria can attract investment and achieve economic growth.
To address Nigeria’s economic challenges, Obasanjo proposed a 25-year socio-economic development plan, which should be agreed upon by all political parties and passed into law at both national and state levels.
This agenda would focus on key areas such as universal education, food and nutrition security through agribusiness, energy access for all, healthcare for all, industrialization, and advancements in science, technology, innovation, and artificial intelligence.
He concluded that stability, predictability, and consistent policies are essential for economic development, rather than mere adjustments to the exchange rate.
Obasanjo urged for a long-term and comprehensive approach to solve Nigeria’s economic problems, emphasizing that the government should act as a catalyst for development, growth, and progress.
