Former President Olusegun Obasanjo has raised alarm over the growing youth unemployment in Nigeria, warning that the nation is “sitting on a keg of gunpowder.”
This comes amidst the ongoing #Endbadgovernance protests, with youths nationwide demonstrating against hunger and hardship.
In an interview with the Financial Times, monitored by Channels Television, Obasanjo highlighted the critical situation.
“Our youth are restive. And they are restive because they have no skill. They have no empowerment. They have no employment. We are all sitting on a keg of gunpowder. And my prayer is that we will do the right thing before it’s too late,” he said.
The #Endbadgovernance protests, which began on August 1, have escalated, with incidents of violence and looting reported across the country. Obasanjo’s comments reflect the urgency of addressing these underlying issues.
Reflecting on his presidency, Obasanjo noted the missed opportunities to revamp the country’s refineries.
“When I was president, I invited Shell to come and take equity and run our refineries for us. They refused and said our refineries were not well maintained. We brought amateurs instead of professionals. Then there was too much corruption with the way our refineries were maintained. They didn’t want to get involved in such a mess,” he stated.
Obasanjo criticized the current government’s efforts to fix the refineries.
“How many times have they told us that the refineries would be fixed, and at what price? Those problems as far as the government refineries are concerned have never gone. They have even increased. And if you have such problems, and the problems have not been removed, then, it means we are not going anywhere.”
He also expressed concerns about efforts to frustrate the Dangote Petroleum Refinery.
In response to Alhaji Aliko Dangote’s allegations of sabotage by some ‘mafias’, Obasanjo said, “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.”
Recently, officials from the Dangote Group accused international oil companies of refusing to sell crude or charging a premium of up to $4 above the normal price. They also claimed the Nigerian Midstream and Downstream Regulatory Authority (NMDPRA) was granting licences to import dirty fuel, which the regulator denied.
Obasanjo further criticized President Bola Tinubu’s approach to removing fuel subsidies. He emphasized the need for a more considerate strategy to mitigate the resulting hardship.
“There’s a lot of work that needs to be done. Not just wake up one morning and say you removed the subsidy. Because of inflation, the subsidy that we have removed is not gone. It has come back,” he stressed.
The former president called for investor confidence in Nigeria, urging a shift from a transactional to a transformational economy.