Former Nigerian President, Olusegun Obasanjo, has advised President Bola Ahmed Tinubu to enhance production and productivity to address the nation’s economic challenges.
In a statement by his Media Aide, Kehinde Akinyemi, Obasanjo conveyed these remarks during his address at the Paul Aje Colloquium in Abuja, titled “Nigeria’s Development: Navigating the Way Out of the Current Economic Crisis and Insecurity.”
Obasanjo attributed the economic hardships to the removal of fuel subsidies, the harmonization of foreign exchange markets, and dealing with a military coup in Niger.
As a solution, Obasanjo emphasized the importance of focusing on production, stating, “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. The economy does not obey orders, not even military orders. I know that. If we get it right, we will begin to see the light beyond the tunnel in two years. It requires a change of characteristics, attributes, and attitude by the leadership at all levels to gain the confidence and trust of investors who have alternatives.”
In June last year, Tinubu’s administration announced the removal of fuel subsidies and the harmonization of foreign exchange markets. By April, fuel pump prices had surged by 176.02 percent year-on-year to N701.24 per liter, compared to N255.06 the previous year. The Naira also dropped to N1482.81 per dollar from N465.50 per dollar on June 14, 2023.
These developments have led to a significant rise in the prices of goods and services, with headline and food inflation increasing to 33.69 percent and 40.53 percent, respectively.
