Obasanjo Questions Why Nigeria Is Still Poor Despite Its Abundant Resources
Former President Olusegun Obasanjo has questioned why Nigeria continues to battle poverty despite having the resources and manpower needed to build a thriving economy.
According to the former president, Nigeria has no shortage of land, water, rainfall, people or other natural resources. The real challenge, he suggested, is how these resources are being managed and the policies adopted by successive governments.
Obasanjo made the remarks during an interview on C-Suite Cafe, hosted by Ikem Okuhu, where he criticised Nigeria’s continued dependence on imported goods.
He argued that importing products that can be produced locally does more than drain foreign exchange—it also hurts local farmers and businesses that struggle to compete with foreign products.
“Give me one reason why Nigeria should be poor,” Obasanjo said, pointing to the country’s vast land, abundant water, rainfall and large population.
Why import dependence worries Obasanjo
The former president believes agriculture should play a much bigger role in Nigeria’s economy.
He said the country has the resources to produce much of the food its population consumes but often chooses to depend on foreign products instead.
To illustrate his point, Obasanjo recalled a trip to Guinea-Bissau during his time as chairman of the African Union. He travelled to the country alongside John Kufuor, the former Ghanaian president who was then chairman of ECOWAS.
Obasanjo said they noticed fruits such as bananas growing naturally as they approached the country. However, when they arrived at their hotel, they were served imported apples and grapes.
For him, the situation captured one of Africa’s major economic problems: countries with the resources to produce their own food and goods often spend money importing them instead.
“That’s part of the reason why we are poor,” he said.
Obasanjo recalls Nigeria’s rice policy
Obasanjo also looked back at Nigeria’s rice policy in 1979, when restrictions were placed on rice imports to encourage domestic production.
He said agricultural officials inspected rice farms before the military government left office and reported that Nigeria was making significant progress towards producing enough rice for local consumption.
However, Obasanjo said later administrations reversed the policy and allowed rice imports to increase.
“When our successors came, one of the first things they did was to lift importation of rice, not to encourage production of rice but to encourage importation of rice, and the farmers couldn’t sell their own rice,” he recalled.
The former president’s argument is straightforward: Nigeria cannot build a strong economy if local producers are constantly forced to compete with imported goods.
What does this mean for Nigeria?
Obasanjo’s comments have once again brought attention to the long-running debate over Nigeria’s dependence on imports and its struggle to turn its natural resources into sustainable economic growth.
With millions of Nigerians relying on agriculture and small businesses for their livelihoods, policies that encourage local production could have a significant impact on jobs, food security and economic growth.
Meanwhile, political debates surrounding the 2027 presidential election are already gathering momentum.
The African Democratic Congress (ADC) recently rejected suggestions that Obasanjo or any other individual could determine the outcome of the election.
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