“We Do Not Live In Isolation As A Country, We Interact With The Rest Of The World–Obasanjo

According to a report by The Cable, on Thursday, October 22, 2026, former President Olusegun Obasanjo has criticised President Bola Tinubu’s economic reforms, saying they have contributed to the sharp devaluation of the naira and worsened poverty in Nigeria.

Obasanjo argued that the decline in the value of the local currency had placed additional economic pressure on Nigerians and contributed to the country’s position as the world’s poverty capital.

The former president made the remarks on Wednesday while speaking at the Financial Times Africa Summit 2026 in London, United Kingdom.

During his address, Obasanjo discussed the effects of Nigeria’s economic policies and the implications of the naira’s depreciation on the country’s population.

He expressed concern about the speed and scale of the currency’s decline, particularly the change in its exchange rate against the United States dollar.

According to Obasanjo, the sharp depreciation had affected Nigerians’ economic circumstances and contributed to the growing difficulties experienced by households across the country.

His comments focused on the relationship between currency devaluation, poverty and the broader effects of economic reforms introduced under Tinubu’s administration.

Speaking at the summit, Obasanjo emphasised that Nigeria’s economy could not be considered separately from developments in the international economic system.

He argued that the country’s interactions with the rest of the world meant that domestic economic decisions could have consequences for trade, purchasing power and the cost of goods and services.

The former president used the naira’s depreciation to illustrate his concerns about the direction of the country’s economic policies.

He pointed to the change in the exchange rate, which he said had moved from approximately N500 to the dollar to N1,500 to the dollar.

Obasanjo criticised the speed of the decline, arguing that such a significant change had serious implications for the financial well-being of Nigerians.

His remarks highlighted the importance of exchange rate stability in an economy that depends on imports for various goods, industrial inputs and essential products.

He maintained that the effects of currency devaluation could extend beyond financial markets and affect the everyday lives of ordinary citizens.

Obasanjo also linked the naira’s depreciation to worsening poverty, arguing that the decline in the currency’s value had contributed to Nigeria’s economic difficulties.

When the local currency loses value against the dollar, imported goods and materials can become more expensive in naira terms, potentially increasing costs for businesses and consumers.

The former president expressed concern that the sharp decline had further weakened the purchasing power of Nigerians, making it more difficult for households to meet their financial needs.

He also referred to Nigeria’s position as the world’s poverty capital, connecting the country’s poverty challenges with the economic consequences he attributed to Tinubu’s reforms.

His remarks brought attention to the difficulties faced by Nigerians amid changes in exchange rate policy and broader economic adjustments.

Obasanjo’s criticism focused on the impact of these developments on the population, particularly the relationship between the value of the currency and the ability of individuals to afford goods and services.

He argued that economic policies should be considered in terms of their consequences for citizens and the country’s overall economic conditions.

The former president’s comments came during the Financial Times Africa Summit 2026, a gathering in London where discussions focused on economic and development issues affecting African countries.

Obasanjo used the occasion to address Nigeria’s economic situation and express his concerns about the effects of the naira’s depreciation.

His remarks centred on the relationship between domestic economic decisions and Nigeria’s interaction with the international economy.

He argued that the country could not operate in isolation because its currency, trade and financial activities were connected to developments beyond its borders.

The former president also questioned the consequences of the sharp exchange rate adjustment under Tinubu’s administration, saying the naira’s decline had contributed to increased hardship.

His comments placed the country’s economic reforms and their effects on living conditions at the centre of his contribution to the summit.

The remarks also highlighted the continuing debate over how Nigeria should manage its currency, address poverty and balance economic reforms with the need to protect citizens from severe financial pressures.

Obasanjo’s criticism focused particularly on the scale of the naira’s depreciation and the speed at which the exchange rate changed.

He maintained that the currency’s movement from N500 to the dollar to N1,500 represented a substantial adjustment with consequences for the Nigerian economy.

Such a change in the exchange rate can affect the cost of imported goods, raw materials and other products priced in foreign currencies, depending on market conditions and the extent to which higher costs are passed on to consumers.

Obasanjo argued that the decline had contributed to the poverty experienced by Nigerians and criticised the economic reforms associated with Tinubu’s administration.

His remarks reflected his concerns about the relationship between currency policy and the financial circumstances of households.

By addressing the issue at an international summit, the former president brought Nigeria’s economic challenges into a discussion involving African development and the country’s engagement with the global economy.

He stressed that decisions affecting the naira had implications beyond exchange rate figures, particularly for the purchasing power and living conditions of Nigerians.

Speaking at the Financial Times Africa Summit 2026 in London on Wednesday, Obasanjo reiterated that Nigeria’s economic policies could not be separated from the country’s relationship with the rest of the world.

He criticised the sharp depreciation of the naira and argued that the decline had worsened poverty under Tinubu’s administration.

The former president said the currency’s movement from N500 to the dollar to N1,500 to the dollar demonstrated the scale of the change he was questioning.

He said, “We do not live in isolation as a country. We interact with the rest of the world. And overnight, you devalue the currency by 300 percent. The naira went from N500 to a dollar to N1,500 to a dollar.”

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