Former President Olusegun Obasanjo has said Nigeria has no reason to remain poor, given its abundant natural resources, agricultural potential and human capital.

Obasanjo made the remarks during an interview on C-Suite Café, where he examined Nigeria’s economic challenges and the country’s failure to fully utilise its available resources.

He said Nigeria had millions of hectares of arable land, favourable climatic conditions and abundant water resources capable of supporting food production and large-scale agricultural exports.

The former president also identified the country’s human capital as a major resource, citing the entrepreneurial and intellectual capacity of Nigerians at home and in the diaspora.

He said solid minerals, crude oil and natural gas could also help diversify government revenue and strengthen the economy.

Obasanjo, however, blamed policy inconsistency for some of the country’s economic difficulties, particularly the abandonment of long-term programmes and agricultural initiatives whenever administrations changed.

He also expressed concern over public borrowing, recalling the debt relief secured by his administration, which he said amounted to about $30bn in 2005 and 2006.

The former president identified corruption, crude oil theft and leakages in revenue generation as other factors preventing Nigeria from effectively deploying its resources for development.

According to him, tackling poverty requires political will, continuity in policies, particularly those relating to food security, as well as fiscal accountability at all levels of government.

Obasanjo said Nigeria’s economic challenges could be addressed if its resources were properly managed and successive administrations maintained policies capable of delivering sustainable, long-term development.