Former Nigerian President Olusegun Obasanjo has offered counsel to incumbent President Bola Ahmed Tinubu on addressing the nation’s economic challenges. Emphasizing the need to prioritize production and productivity, Obasanjo underscored that this approach holds the key to Nigeria’s prosperity.
In a statement released on Sunday through his Media Aide, Kehinde Akinyemi, Obasanjo highlighted insights shared during a Colloquium titled “Nigeria’s Development: Navigating the Way Out of the Current Economic Crisis and Insecurity” held in Abuja.
Attributing Nigeria’s economic woes to factors such as fuel subsidy removal, foreign exchange market harmonization, and political instability in neighboring countries, Obasanjo stressed the imperative of focusing on production as a solution.
“The way forward is production and productivity, which belief and trust in government leadership will engender. No shortcut to economic progress but hard work and sweat,” Obasanjo asserted.
He further emphasized the necessity for a shift in leadership characteristics, attributes, and attitude to inspire investor confidence and trust. Obasanjo projected that with the right approach, significant improvements could be observed within two years.
President Tinubu’s administration had previously announced policies including fuel subsidy removal and foreign exchange market harmonization. Subsequently, fuel prices skyrocketed by 176.02% year-on-year, reaching N701.24 per litre, while the national currency, the Naira, experienced a significant depreciation against the dollar, dropping to N1482.81 per dollar from N465.50 per dollar last June.
Obasanjo’s advice comes at a critical juncture, underscoring the urgency for proactive measures to navigate Nigeria’s economic challenges and foster sustainable growth.