Olusegun Obasanjo, the former president, claimed that two of the three initiatives carried out by the administration of President Bola Tinubu were appropriate in theory but incorrectly executed in practice.
He made a suggestion that the third choice concerned how to handle the coup in Niger.
"The administration has made three decisions today, two of which were required but improperly carried out, impoverishing both the Nigerian people and the country's economy. These are eliminating subsidies, reducing the difference between official and black market currency rates, and the third is handling the Niger Republic's military takeover.
"The path forward is productivity and production, which will be fostered by confidence and trust in the leadership of the government. Economic advancement requires sweat and hard work—there is no shortcut.
"Orders, including military ones, are not obeyed by the economy. I am aware of that. If all goes according to plan, we should start to see the light at the end of the tunnel in two years. To win back the faith and trust of investors who have other options, leadership at all levels must adopt new traits, qualities, and attitudes.
Instead of investing in Nigeria, Total Energy has chosen to invest $6 billion in Angola. If it must be said, the current administration has not discovered the best strategy for managing the economy to create trust and confidence to encourage investors to pour money in.
"They have a deeper understanding of us than we have. And now they are not taking us seriously and are making fun of us. In order to be regarded seriously, we must present ourselves appropriately. How do we get new investors to go in if the current ones are pulling out and leaving the nation? He stated, "We need to transition from transactional leadership in government to transformational and genuine servant leadership. We can be serious if we choose to be."
The former president claimed that in order to address the current state of affairs in the nation, the ruling class and the government needed to reflect on the past, present, and ask themselves, "How did we arrive here?
Regarding the subject of discussion for today, my query is, "How can we find a way out of these difficulties and clear the way for a safer and more prosperous Nigeria? I think the solution to this calls for a multifaceted strategy that deals with the underlying causes of these problems. The main queries are: Where did we go? And how did we arrive at our current location?
First and foremost, we need to understand our background. Poor policies, a lack of long-term, sustainable policies, discontinuity, ad hocry, and corruption based on individual avarice and greed, ineptitude, ignorance, and a lack of patriotism have all repeatedly hurt our economy.
For example, the declaration and suggestions made 45 years ago to cease The same claim and course of action regarding gasoline scarcity are made today. I remember that when I said that the refineries won't operate, the administration's acolytes and spin doctors attacked me, accusing me of not being a petroleum engineer and saying I had no idea what I was talking about.
"They failed to remember that I made the attempt to partially privatize the refineries in 2007 following a careful analysis of the circumstances. However, my successor overturned the decision, and the 750 million dollars that had been paid were reimbursed.
The former president of Nigerian offers a solution, stating that "a 25-year socio-economic development agenda" that would be widely accepted and signed into law is necessary.
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