- Olusegun Obasanjo has named security factor as the reason Nigeria is unattractive to investors
- The former president said no hard-headed investors will invest in Nigeria with Boko Haram and bandits wreaking havoc
- Obasanjo said leaders must put Nigeria on the right track by tackling all the security challenges
Olusegun Obasanjo, a former Nigerian president, said the worsening insecurity in the country is responsible for the low patronage from foreign investors.
The former president made this disclosure on Sunday, January 31, during a virtual interview with academic and historian, Toyin Falola.
Obasanjo said investors are being chased away and discouraged because of rising atrocities of dreaded militant group Boko Haram and banditry in the north.
He also stated that Nigeria, unlike many other countries in Africa, has chances "but squandered those opportunities” due to poor leadership and greed in the current government, The Punch reports.
Obasanjo said no investor will sit down and think the next thing is to bring money to Nigeria. According to him, the leaders must tighten the belts and ensure that "the condition is right" for investment.
“When I talk to people particularly about development, they tell me money is out there for all the development that we want in Africa and particularly in Nigeria but the condition must be right.
“Now, who would put money in a situation of insecurity –Boko Haram, banditry, kidnapping? Who would put money in that?
"And these investors are hard-headed calculators. They will sit down and do the calculation and give you why they should not come in. We had opportunities but squandered those opportunities.”
Make power uncomfortable for old hogs - OBJ
Earlier, Legit.ng reported that Obasanjo challenged the Nigerian youths to change the fortunes of the country by taking over leadership.
The former president tasked the youths to wrestle power and make it uncomfortable for the breed of fortunate "old hags" ruling the country.
While charging young Nigerians not to "just sit down and complain", the former president who served two terms between 1999 and 2007 under the banner of the Peoples Democratic Party (PDP) said the future of Nigeria depends on its youths.
Obasanjo also said the "old hags" ruling Nigeria will not go away unless there is a powerful revolution that will "make them go out of the way."