Obasanjo Reveals Why Nigeria Is Still Poor Despite Its Huge Wealth

(Former President Olusegun Obasanjo. Photo by VAnguard News)

Former President Olusegun Obasanjo has said Nigeria should not be poor, arguing that the country has plenty of natural resources, farmland and talented people to create a thriving economy.

Speaking during an interview about Nigeria's economic challenges, Obasanjo said the country has millions of hectares of fertile land, good weather for farming and enough water for food production and large-scale agricultural exports.

Nigeria also has intelligent and entrepreneurial people both at home and abroad who remain underutilised.

He pointed to solid minerals alongside oil and gas as resources that could help the country earn money from different sources instead of relying solely on crude oil.

Obasanjo blamed government policies that keep changing from one administration to the next, saying long-term programmes and farming initiatives get abandoned whenever new leaders come to power.

He also raised concerns about too much government borrowing, recalling that his own administration secured debt relief worth about 30 billion dollars in 2005 and 2006.

He identified corruption, crude oil theft and money lost along the way as problems preventing the country from using its resources for development.

According to Obasanjo, fixing Nigeria's poverty requires political will and the determination to stick with policies that ensure food security.

Governments at all levels also need to be responsible with money.

The country's economic problems can be solved if resources are properly managed and successive governments keep policies that deliver long-term growth, he said.