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  • News - South West - Ogun
  • Updated: May 27, 2024

Obasanjo faults Tinubu economic policies, says Nigeria losing investors

Obasanjo faults Tinubu economic policies, says Nigeria losin

Former Nigerian leader Olusegun Obasanjo has criticized President Bola Tinubu’s economic policies, stating they have made the nation a laughingstock among foreign investors. 

According to Obasanjo, investors now prefer to take their money to other African countries.

In a statement issued by his spokesperson, Kehinde Akinyemi, on Sunday, Obasanjo evaluated Tinubu’s first year in office, arguing that the president has failed to manage the economy in a way that would inspire confidence and trust among investors.

Obasanjo highlighted that many Nigerians are now living in extreme poverty due to Tinubu’s “necessary but wrongly implemented” policies, such as the removal of the fuel subsidy and the unification of the parallel and official foreign exchange rates.

“Today, the government has taken three decisions, two of which are necessary but wrongly implemented and have led to impoverisation of the economy and of Nigerians. These are removal of subsidy, closing the gap between black market and official rates of exchange and the third is dealing with a military coup in Niger Republic,” the former Nigerian president said in the statement.

Citing Total Energy’s recent $6 billion investment in Angola’s economy, Mr Obasanjo said it was unsettling that existing investors were fleeing Nigeria for economic safety in the arms of neighbouring African countries.

“Total Energy has gone to invest $6 billion in Angola instead of Nigeria. If the truth must be stated, the present administration has not found the right way to handle the economy to engender confidence and trust for investors to start trooping in,” Obasanjo was quoted as saying at the Paul Aje Colloquium in Abuja.

“They (foreign investors) know us more than we know ourselves. And now they are laughing at us, not taking us seriously. We have to present ourselves in such a way that we will be taken seriously,” the former Nigerian leader dropped his hottakes. “If the existing investors are disinvesting and going out of our country, how do we persuade new investors to rush in.”

He explained that the situation could be salvaged if only Tinubu could change his style of leadership from “transactional” to “transformational.”

“We can be serious if we choose to be but we need to change from transactional leadership in government to transformational and genuine servant leadership.”

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