Nigeria has no reason to be poor — Obasanjo

 

Former President Olusegun Obasanjo has said Nigeria has no justification to remain poor, arguing that the country possesses abundant natural resources, agricultural potential and human capital needed to build a prosperous economy.

Obasanjo made the remarks during an interview on C-Suite Café, hosted by Ikem Okuhu, where he discussed Nigeria’s economic challenges and the need for the country to better utilise its resources. 

The former president questioned why Nigeria should struggle with poverty despite having vast land, water, rainfall and a large population.

“Give me one reason why Nigeria should be poor. Is it the land that we don’t have or the desert that we are in or the people that we don’t have or the water that we don’t have or the rain that we don’t have?” he asked. 

Obasanjo blamed part of the country’s economic difficulties on policies that encourage the importation of goods that could be produced locally, saying such practices undermine domestic producers and discourage farmers.

He recalled a visit to Guinea-Bissau with former Ghanaian President John Kufuor, who was then chairman of the Economic Community of West African States, saying they saw agricultural produce growing naturally but were served imported fruits at their hotel.

“That’s part of the reason why we are poor,” Obasanjo said, using the experience to illustrate what he described as Africa’s overdependence on imported goods despite its agricultural potential. 

The former president also recalled Nigeria’s rice import policy in 1979, saying restrictions were introduced to encourage local production and move the country towards self-sufficiency.

According to him, agricultural officials had reported progress in domestic rice production before the military government left office. He, however, said subsequent administrations reversed the policy and allowed increased rice imports, making it difficult for local farmers to compete.

Obasanjo argued that consistent policies, greater investment in agriculture and better utilisation of Nigeria’s natural and human resources would help the country reduce poverty and build a more productive economy.