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Obasanjo

Former President Olusegun Obasanjo has said Nigeria possesses the human and natural resources required to overcome poverty and build a prosperous economy, while urging greater emphasis on domestic production.

Obasanjo argued that excessive dependence on imported goods weakens the country’s productive capacity and limits opportunities for farmers, manufacturers, entrepreneurs and other local businesses.

The former president’s position places domestic production at the centre of efforts to reduce poverty, suggesting that Nigeria must move beyond an economy heavily dependent on imported goods and strengthen its ability to produce competitively.

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According to him, the country has sufficient resources to create wealth if its human capital and natural resources are effectively harnessed.

Nigeria has one of Africa’s largest populations and substantial deposits of oil, gas and solid minerals, alongside significant agricultural potential. However, persistent infrastructure challenges, limited access to finance, insecurity and policy inconsistencies have continued to constrain productive activity.

Obasanjo’s argument comes amid continuing concerns about the cost of living and the ability of households and businesses to cope with rising prices.

Greater support for local production, he maintained, would create opportunities across the agricultural and industrial sectors while reducing pressure associated with importing products that could be produced domestically.

Farmers could benefit from stronger markets for their produce, while manufacturers would have opportunities to expand production and create jobs.

The former president’s position also highlights the relationship between production and poverty reduction. Sustainable improvement in living standards, he suggested, requires an economy capable of creating productive employment rather than relying predominantly on consumption and imports.

For Nigeria, achieving that objective would require coordinated investment in infrastructure, electricity, transportation, education, technical skills and access to affordable capital.

The government would also need to provide policies that encourage businesses to invest locally and give domestic producers the confidence to plan for long-term growth.

Obasanjo’s comments add to the continuing national debate over how Nigeria can transform its enormous resource base into broad-based prosperity.

While successive administrations have introduced programmes aimed at encouraging local production, the country continues to face structural challenges that limit productivity.

Reducing poverty, therefore, would require more than short-term interventions, with sustained economic policies needed to expand production, create jobs and improve household incomes.

The Traffic NG
Former President Olusegun Obasanjo
Amarachi Ihesiulo

Ihesiulo Grace Amarachi is a Nigerian journalist, writer and media professional serving as the Editor-in-Chief of TheTraffic.NG, a digital news platform covering national and international affairs. Her editorial interests span politics, business, aviation, health, technology, entertainment, sports and social development. She is committed to credible journalism, insightful reporting and compelling storytelling that informs public discourse and keeps readers abreast of important developments in Nigeria, Africa and beyond.

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