Obasanjo Claims He Left Nigeria’s Economy Better Than He Found It

Former President Olusegun Obasanjo recently stated that during his tenure as the elected president of Nigeria from 1999 to 2007, he significantly improved the country’s economic condition. He made these comments at the Safe Online Youth Fellowship Bootcamp held at the Youth Development Centre within the Olusegun Obasanjo Presidential Library (OOPL) in Abeokuta, Ogun State, organized by NerdzFactory Company and supported by Meta.

Reflecting on his time in office, Obasanjo emphasized the achievements of his administration, particularly in the economic sector. He mentioned his efforts to secure debt relief for Nigeria, as the country was spending a substantial amount annually on debt servicing without a decrease in the overall debt amount. Obasanjo expressed pride in leaving Nigeria in a better economic state than when he assumed office.
When Obasanjo began his presidency, Nigeria had $3.7 billion in reserves and faced significant debt servicing costs. By the end of his tenure, he had successfully reduced the country’s debt from $36 billion to approximately $3.6 billion through debt relief initiatives. Additionally, he left behind a reserve of over $50 billion and secured excess crude for Nigeria valued at over $25 billion.

Obasanjo defined success as improving a place before leaving it, and he believed that his administration’s accomplishments aligned with this principle. He encouraged the corps members from Lagos and Ogun states who participated in the boot camp to dedicate themselves to national development, emphasising the crucial role of education in contributing to the progress of the nation.