THE OBJ




In honor of a great leader, nation builder and elder statesman (now he is still alive), by way of listing some of his significant contributions to Nigeria’s socio-economic development and foreign affairs.

Chief Olusegun Matthew Okikiola Ogunboye Aremu Obasanjo GCFR, born 5 March 1937, is a Nigerian politician, agriculturalist and former army general. 

After his earlier role as a military head of state from 1976 to 1979, Chief Obasanjo served as Nigeria’s civilian president from 1999 to 2007. 

His presidency was marked by key administrative reforms and economic growth initiatives including debt relief and telecommunications reforms.

Fortunately, during his tenure, oil prices rose, giving the country increased earnings from oil exports. 

Having benefited from high international oil prices during his first presidential term, his government planned both to increase Nigeria's oil output and to produce increasing quantities of liquefied natural gas, which was first exported in 1999.

With the oil revenue, he then created the Niger Delta Development Commission (NDDC) and implemented the Universal Basic Education (UBE) program to improve the literacy level of Nigerians. 

He also increased the share of oil royalties and rents to the state of origin from 3% to 13%.

Nigeria's GDP growth rate doubled, helped in part by higher oil prices and Nigeria's foreign reserves rose from $2 billion in 1999 to $43 billion in 2007.

Seeking to alleviate poverty, his administration began a National Poverty Eradication Programme focused on generating youth employment, rural infrastructure, and conservation. 

He invited the International Monetary Fund (IMF) to review Nigeria's economy and offer advice on how to improve it; and they warned that the government was overspending.

To reduce expenditure, he turned to privatisation, forming a National Council on Privatisation in July 1999, which was geared towards privatizing Federal Government owned public enterprises. 

In January 2000, Nigeria received a US$1 billion stand-by loan, which allowed the government to enter debt rescheduling negotiations with its creditors.

He was able to secure debt pardons from the Paris and London club amounting to some $18 billion and paid another $18 billion to be debt free. 

Good to note that most of these loans were not accumulated out of corruption but during a period 1982–1985 when Nigeria operated “exchange control regime” that vested all foreign exchange transactions on the Central Bank of Nigeria (CBN). 

His government doubled legal minimum wage in 2000.

He also resuscitated the National Fertilizer Company in Kaduna and Port Harcourt (Onne). 

Again, he was determined to abolish the petrol subsidy, increasing prices to commercial rates. 

But the Nigerian Labour Congress (NLC) called a general strike in protest in June 2000 and he then gave in, reducing subsidy rather than abolishing it.

In 2001, he affirmed that he was a firm believer in market efficiency and confirmed he had seen the damage caused by public sector mismanagement.

However, while expressing national commitment to the Washington Consensus of free markets, privatisation, and limited state expenditure, the government’s expenditure as a share of the GDP rose from 29% in 1997 to 50% in 2001.

Due to endemic low-level corruption, which was widespread at state and local government levels, he established democratic institutions including major anti-corruption bodies, constituting both the Independent Corrupt Practices Commission (ICPC) and Economic and Financial Crimes Commission (EFCC), having presented an Anti-Corruption Bill to the National Assembly which was then amended. 

In international diplomacy and foreign relations, he played a prominent role in the African Union, serving as the Chairperson from 2004 to 2006 and also helping to establish programs like the New Partnership for Africa's Development (NEPAD) and the African Peer Review Mechanism (APRM).

There were three US presidents, namely: Jimmy Carter who visited from March 31–April 3, 1978, and was the first sitting US president to visit sub-Saharan Africa; Bill Clinton who visited from August 26–28, 2000; and George W. Bush who visited from July 11–12, 2003, making his visit the most recent of the three. 

Indeed, a notable leader in Nigeria’s political life.

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