Obasanjo Slams Nigeria’s Dependence on Oil, Says It’s a ‘Deadly Mistake’

Former President Olusegun Obasanjo has criticized Nigeria’s over-reliance on oil, describing it as a “deadly mistake.” He argued that the country should have diversified its economy to include gas and agriculture.

Obasanjo, in an interview with Financial Times, expressed his disappointment with the country’s failure to develop its gas resources and agriculture sector.

“I believe we made a very, very deadly mistake. We put all our eggs in one basket of oil. We even ignored gas. We were flaring gas, which is a very important commodity. We ignored agriculture, which should have been the centrepiece of our economic development,” he said.

He also recalled his experience with Shell, where he invited the company to run the country’s refineries, but they declined due to corruption in the sector.

“When I was President, I invited Shell and I said, look, come and take equity participation and run our refineries for us. They refused. They said our refineries have not been well maintained. We have brought amateurs rather than bringing professionals. They said there’s too much corruption with the way our refinery is run and maintained. And they didn’t want to get involved in such a mess,” he said.

Furthermore, Obasanjo warned that those profiting from fuel importation will frustrate the Dangote Petroleum Refinery if they feel their interests are threatened.

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“Aliko’s investment in a refinery, if it goes well, should encourage both Nigerians and non-Nigerians to invest in Nigeria. If those who are selling or supplying refined products for Nigeria feel that they will lose the lucrative opportunity, they will also make every effort to get him frustrated,” he said.