Former President Olusegun Obasanjo emphasized the urgent need for Nigeria to move away from its dependence on crude oil and explore non-oil exports, with a focus on agribusiness, to address the forex crisis affecting the nation’s economy.
Obasanjo pointed out that oil, once seen as a blessing, had turned into a “curse” for Nigeria, hindering the development of other sectors.
The former President spoke during the closing ceremony of a one-week training organized for 200 entrepreneurs by the African Leadership Foundation and the Africa Export-Import Bank.
The training, titled “Agribusiness Export Readiness Accelerator Training Programme,” took place at the Olusegun Obasanjo Presidential Library in Abeokuta, Ogun State.
Obasanjo said, “Historically, Nigeria has been known for its near total dependence on earnings from petroleum export, and her economy has suffered devastations arising from various oil shocks without any buffer to cushion against major declines.
“What was initially celebrated as a major blessing has become what economists now refer to as the ‘oil curse’. The recent volatility in the oil market and the expansive global push towards alternative energy now leaves no one in doubt about the urgency of diversifying our economic base through the promotion of non-oil exports.”
Obasanjo stressed that “Given the enormous resource endowment of Nigeria, I do not doubt in my mind that economic diversification is achievable at the shortest possible time if robust economic policies with appropriate implementation mechanisms are put in place, running consistently over some time.
“Nations like Indonesia and Malaysia were once mono-product economies like Nigeria, but are now well diversified and therefore less vulnerable to global economic shocks.”
Obasanjo also expressed concern about Africa’s position in global trade, noting that the continent accounts for only 1.9% of global manufacturing due to its failure to add value to primary commodities.
“In Nigeria, not only do we export our oil as crude, we turn around to import virtually all our petroleum products from other nations. The story is not remarkably different for our non-oil exports.
“Since international trade is a good barometer of the world economic growth and development, it then becomes quite easy to understand the poor economic performance of Africa in general, and Nigeria in particular,” he added.
He commended Afreximbank for organizing the agribusiness training, saying, “This is a game-changing development for Nigeria and the continent at large, and the strategic move aligns perfectly to foster self-sufficiency and reduce our dependence on oil.”
The President of Afreximbank, Dr. Benedict Oramah, represented by the Senior Manager of export Development, Mr. Ody Akhanoba, said there had recently been an increase in the demand for processed agricultural products from Africa, especially in the US, UK, and France.
Oramah urged participants to maximize this growing diaspora market to further improve on the fortunes of the continent.
Executive Director of Africa Leadership Foundation, Dr. Olumide Ajayi, described the training as an enlightening experience for the participants.
Kanyi Daily recalls that Olusegun Obasanjo on Sunday, February 5th clocked 86 years of age.
