There Is Enough Money To Develop Nigeria If We Are Serious — Obasanjo
3 min read
Former Nigeria President Chief Olusegun Obasanjo has said that there is enough money to develop the country if the government is ready to make the right decisions.
The ex-president said this during his speech at the book launch and ex-augural lecture of Bayo Oketola, outgoing editor of The PUNCH, which was held at the Muson Centre, Lagos.
Obasanjo’s comments come as Nigeria continues to struggle to attract foreign investments into the country. Nigeria is not only witnessing a decline in foreign investment, but it is also experiencing an exodus of foreign investors.
READ ALSO: Nigeria Today Worse Than During Military Regime – Amaechi
Speaking in relation to his key role in facilitating the evolution of telecommunications and information technology in Nigeria, Obasanjo explained that the country also had difficulty securing funding to develop its telephone infrastructure at the time.
“We have had all sorts of companies invited from America, from France, from Britain, and we did not get more than 500,000 lines. People had to queue at the telephone kiosk. And then the mobile telephone age came in.”
Obasanjo continued to recount the difficulties in setting up the early days of telecom in Nigeria, explaining that his administration at the time eventually concluded that the only way to attract foreign investors to the sector was to auction the telecommunications sector.
“So what we did was we auctioned it. And then the three that came in first paid $280 million. For something that was about to be given away for $3 million. And not only that, (because of auctioning) we achieved competition,” he said.
“Later on, we had a fourth (after MTN, Glo and now Airtel), Etisalat came last. When they came, I said, ‘The last auction we did was $280m. Etisalat, if you want a line, pay $450m.’ and they did. That is the way we got money to do what we did at the time. And that opportunity can still be made available. The money to develop Nigeria is out there. But that money will not come in unless we create a conducive atmosphere for that money to come in.”
“What Nigeria has done in the good days when things were going well are still there and can still be done today, only if we put ourselves to it, are honest with ourselves, show the character and attributes, and the understanding and knowledge to make it to be the great country that God has created it to be. A land flowing with milk and honey. Not a land of insecurity, and lack of prosperity, but a land where everybody can have enough for themselves”.
Oketola, who worked with PUNCH for 16 years, also launched his book, “The Catalyst: Nigerian Tech Evolution Through a Journalist’s Lens”.
The event, chaired by former CEO, of MTN Nigeria, Michael Ikpoki, was attended by dignitaries and representatives, including former President Chief Olusegun Obasanjo, the special guest speaker at the event.
Other parties represented included Lagos State Commissioner for Information and Strategy, Mr Gbenga Omotosho; Provost, Nigerian Institute of Journalism, Mr. Gbenga Adefaye; Chairman, Editorial Board, The PUNCH, Obafemi Obadare; Representatives of the Executive Vice Chairman of the Nigerian Communications Commission, Dr Aminu Maida; representatives of the ministry of information and national orientation.
