Former President Olusegun Obasanjo has asserted that his administration was one of the most successful in Nigeria’s history, particularly in terms of economic improvements. Speaking at the Safe Online Youth Fellowship Bootcamp in Abeokuta, organized by NerdzFactory Company and supported by Meta, Obasanjo highlighted the significant accomplishments during his presidency from 1999 to 2007.
Obasanjo emphasized that his tenure saw Nigeria freed from the crippling burden of immense debt. He recalled that when he took office in 1999, Nigeria was spending $3.5 billion annually on debt servicing, yet the total debt was not decreasing. His administration’s efforts to secure debt relief were instrumental in changing this situation. He proudly noted that by the end of his presidency, Nigeria’s debt had been drastically reduced, and the country was in a much stronger economic position.
“When I became the elected President, I was determined to secure debt relief because we were spending $3.5 billion every year just to service our debt, and the debt itself was not reducing,” Obasanjo said. “By the time I left office, we had reduced the national debt from about $36 billion to $3.6 billion, thanks to the debt relief we achieved. Additionally, I left Nigeria with foreign reserves of over $50 billion, compared to the $3.7 billion in reserves when I took office. We also accumulated excess crude oil savings of over $25 billion.”
Obasanjo’s remarks came during his speech at the Youth Development Centre, part of the Olusegun Obasanjo Presidential Library (OOPL). He reflected on the progress Nigeria made under his leadership, particularly the establishment of 25 years of uninterrupted democracy, which began during his tenure as the country’s first democratically elected president in the Fourth Republic.
He defined success as leaving a place better than one found it and claimed that his administration’s record demonstrates this principle. “Success is about making things better than they were before,” Obasanjo stated. “I believe I achieved that with the economic progress we made and the significant reduction in our national debt.”
Addressing the corps members from Lagos and Ogun states who participated in the three-day boot camp, Obasanjo urged them to commit themselves to national development. He stressed that national progress is a collective responsibility and highlighted the importance of education as a tool for making meaningful contributions to society. “National development is a collective responsibility, and education is vital as it empowers you to contribute optimally to national development,” he said.
Obasanjo also advised the young attendees to be dynamic and inquisitive, and to approach life with idealism and a sense of responsibility. “Be dynamic, idealistic, and always ask questions. Never take anything for granted,” he advised. He encouraged them to use their skills and knowledge to drive positive change in Nigeria.
Throughout his speech, Obasanjo emphasized the importance of youth involvement in the country’s development. He highlighted the role of education in equipping young people with the tools they need to make significant contributions to national growth. He also reflected on the broader implications of his administration’s achievements, suggesting that the economic stability and democratic foundations laid during his presidency have paved the way for continued progress.
Obasanjo’s reflections on his presidency underscore his belief that his administration was pivotal in transforming Nigeria’s economic landscape and setting the stage for future growth. His message to the youth at the boot camp was clear: education, dedication, and a collective sense of responsibility are essential for sustaining national development and achieving lasting success.