Former President Olusegun Obasanjo has spoken out against the economic policies of the Tinubu administration, stating that recent decisions have been “wrongly implemented” and have driven away foreign investors. In a statement issued by his media aide, Kehinde Akinyemi, Obasanjo expressed his concerns about the removal of fuel subsidies and exchange rate decisions, which he believes have led to a lack of confidence and trust among investors.
Obasanjo argued that the government’s approach has resulted in the “impoverization of the economy and of Nigerians.” He emphasized the need for a change in leadership characteristics, attributes, and attitude to gain investor trust, stressing that economic progress requires hard work, production, and productivity, rather than shortcuts or military orders.
The former president highlighted the example of Total Energy investing $6 billion in Angola instead of Nigeria, citing this as evidence that investors are losing faith in the country’s economic leadership. He emphasized the importance of consistency, continuity, and stability in economic policies, as well as honesty and transparency in government dealings, to incentivize domestic and foreign investment.
Obasanjo’s statement calls for a shift from “transactional leadership” to “transformational and genuine servant leadership” to restore investor confidence and drive economic growth. He emphasized that with the right economic policies and leadership attributes, Nigeria can regain investor trust and achieve sustainable development, growth, and progress.