Former Nigerian President, Olusegun Obasanjo, has advised President Bola Ahmed Tinubu to prioritize production and productivity as a means to address Nigeria’s economic challenges.
Obasanjo shared this perspective during his speech at the Paul Aje Colloquium (PAC) in Abuja, titled “Nigeria’s Development: Navigating the Way Out of the Current Economic Crisis and Insecurity.”
Obasanjo attributed Nigeria’s economic difficulties to factors such as the removal of fuel subsidies, the harmonization of foreign exchange markets, and the handling of a military coup in Niger.
However, he emphasized that the key to progress lies in focusing on production, stating that there are no shortcuts to economic development.
According to Obasanjo, achieving economic progress requires hard work, dedication, and a change in the characteristics, attributes, and attitudes of leadership at all levels.
He stressed the importance of engendering belief and trust in government leadership, which will, in turn, inspire confidence in investors who have alternatives.
It is worth recalling that in June of the previous year, Tinubu’s administration announced the removal of fuel subsidies and the harmonization of foreign exchange markets. Since then, fuel prices have surged significantly, and the value of the Naira has declined.
These developments have led to increased prices of goods and services, contributing to higher headline and food inflation rates.
Obasanjo’s advice to President Tinubu reflects the need to prioritize productivity and regain the confidence of investors to steer Nigeria’s economy towards sustainable growth.
