Former Nigeria President, Olusegun Obasanjo has told President Bola Ahmed Tinubu to ramp up activities around production and productivity to tackle Nigeria’s economic woes.
Obasanjo disclosed this in a statement by his Media Aide, Kehinde Akinyemi, on Sunday, quoting the ex-president as having spoken at a Colloquium: “Nigeria’s Development: Navigating the Way Out of the Current Economic Crisis and Insecurity” delivered at the Paul Aje Colloquium (PAC) in Abuja.
Obasanjo blamed fuel subsidy removal, the Harmonization of foreign exchange markets and dealing with a military coup in Niger for Nigeria’s economic hardship.
However, as a solution, the former President said the government should focus on production, noting that there is no shortcut to economic progress.
“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,” he said.
Recall that in June last year, Tinubu’s administration announced fuel subsidy removal and the Harmonization of Foreign exchange markets.
In April, fuel pump price surged by 176.02 per cent on a year-on-year basis to N701.24 per litre compared to N255.06 last year.
Similarly, the country’s Naira dropped to N1482.81 per dollar last Friday from N465.50 per dollar on June 14, 2023.
This development has led to a surge in prices of goods and services, as headline and food inflation increased to 33.69 per cent and 40.53 per cent, respectively.