Obasanjo Calls For Urgent Action On Insecurity, Unemployment And Poverty

Former Nigerian President Olusegun Obasanjo has urged the Federal Government to urgently address insecurity, unemployment and poverty, warning that these challenges are pushing many Nigerians, particularly young people, to seek opportunities abroad. Speaking at the Creative Africa Nexus Weekend 2026 in Lagos, he highlighted the dangers of kidnapping, unemployment and irregular migration through the Sahara Desert and Mediterranean Sea. He also advocated greater freedom of movement across Africa, including reducing visa restrictions among African countries. Obasanjo stressed that improved leadership, security and job creation are essential to restoring public confidence and creating better opportunities for Nigerians.

Former President Olusegun Obasanjo has called on the Nigerian government to urgently address insecurity, unemployment and poverty, warning that poor economic conditions and governance failures are pushing Nigerians to seek better opportunities abroad.
Obasanjo made the remarks during a panel session titled “Lest We Forget” at the Creative Africa Nexus Weekend 2026 in Lagos. He reflected on Nigeria’s changing security and economic conditions and argued that the country must tackle the problems driving citizens to leave in search of better opportunities.

OBASANJO RAISES CONCERNS OVER INSECURITY

The former president compared Nigeria's current security situation with his experience after returning from military training in Britain in 1959.
According to Obasanjo, he was once able to travel across different parts of Nigeria, including the northern region, without fearing kidnapping or attacks.
He questioned how the country had reached a point where travelling safely has become difficult in some parts of the country.
Obasanjo said the government must take concrete steps to reduce kidnapping and insecurity while also dealing with the underlying economic problems affecting citizens.
He called for measures that would create employment, reduce poverty and tackle impunity.

UNEMPLOYMENT PUSHING YOUNG NIGERIANS ABROAD

Obasanjo identified unemployment, particularly among university graduates, as one of the factors contributing to the growing desire among young Nigerians to leave the country.
He argued that governments cannot continue producing graduates without creating enough employment opportunities for them.
According to him, young people who cannot find meaningful opportunities at home may look elsewhere for employment and a better standard of living.
He also recounted an encounter with Nigerians arrested for drug-related offences, saying one of the suspects linked his involvement in illegal activities to the loss of legitimate employment.
Obasanjo said the example demonstrated how economic hardship can create desperation, although he did not justify criminal activity.

DANGEROUS MIGRATION ROUTES REMAIN A CONCERN

The former president also spoke about Africans attempting to reach Europe through dangerous migration routes across the Sahara Desert and the Mediterranean Sea.
He said some migrants have died during these journeys, highlighting the risks faced by people who leave their countries because they believe they have few opportunities at home.
Obasanjo argued that improving governance, employment and economic opportunities would reduce the pressure on citizens to undertake dangerous journeys in search of a better life.
He said people would have less reason to leave when their countries provide security, jobs and opportunities for economic advancement.

OBASANJO CALLS FOR GREATER AFRICAN INTEGRATION

Beyond Nigeria's domestic problems, Obasanjo also advocated greater freedom of movement across Africa.
He disclosed discussions with Ghanaian President John Mahama about a proposal to eliminate visa requirements among about 25 African countries, initially involving countries that already operate visa on arrival arrangements.
He said the initiative could eventually expand to more African countries and make movement across the continent easier.
Obasanjo also called for greater recognition of the African passport and urged African countries to make it easier for people of African descent in the diaspora who want to return to Africa to obtain citizenship.

LEADERSHIP AND ECONOMIC OPPORTUNITIES AT THE CENTRE OF THE DEBATE

Obasanjo said Africa's development challenges are closely connected to the quality of political leadership and the ability of governments to provide economic opportunities.
His comments come as Nigeria continues to face concerns over insecurity, unemployment and poverty, while many young people seek opportunities outside the country.
The former president's position is that improving security and creating jobs should be central to efforts to reduce irregular migration and restore confidence in Nigeria.
The wider Creative Africa Nexus event also focused on Africa's economic potential, with government officials, investors and industry leaders calling for stronger financing, intellectual property protection, distribution networks and access to international markets for the continent's creative industries.
The discussion therefore linked Nigeria's security and employment challenges with a broader question of how African countries can create enough economic opportunities to retain their young and talented populations.
2. Naira Gains 6.3% Against Dollar As Foreign Reserves Remain Above $55 Billion
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Naira Gains 6.3% Against Dollar As Foreign Reserves Remain Above $55 Billion
The Nigerian naira has strengthened by about 6.3 per cent against the United States dollar over the past year, while the country's foreign exchange reserves have remained above $55 billion.
The naira traded at N1,346.79 to the dollar on November 6, 2026, compared with N1,436.74 on the same date in 2025. The figures represent an appreciation of N89.95, or 6.26 per cent, over the 12 month period.

NAIRA RECOVERS GROUND AGAINST THE DOLLAR

The latest figures show that the naira has recovered some of the value it lost against the dollar over the previous period.
The improvement could reduce the naira cost of imported goods and services if the stronger exchange rate is sustained.
Businesses that depend on imported raw materials, machinery, pharmaceuticals and other foreign currency priced products could benefit from lower exchange costs.
Companies with dollar denominated obligations could also face lower naira costs when servicing those liabilities.
However, the appreciation of the naira does not automatically mean that prices of goods in Nigerian markets will fall immediately.
Importers may still be selling goods purchased when the exchange rate was higher, while transportation, energy, labour and other operating costs can continue to influence prices.

FOREIGN RESERVES RISE ABOVE $55 BILLION

Nigeria's foreign exchange reserves stood at $55.133 billion as of November 5, 2026.
Foreign reserves provide the country with foreign currency assets that can be used to meet external payment obligations and help provide a buffer against pressure on the foreign exchange market.
The latest reserve position also provides an important indicator for investors assessing Nigeria's external financial position.
The Central Bank of Nigeria has reported a significant rebuilding of external buffers during 2026. Its third quarter bulletin said reserves had risen substantially from about $32.9 billion at the end of 2023 and exceeded $53.8 billion by the end of August 2026.

CBN SUPPORTS A MARKET DRIVEN EXCHANGE RATE

Central Bank of Nigeria Governor Olayemi Cardoso has maintained that the naira's value should be determined by economic fundamentals rather than artificial support.
Cardoso said the CBN remained committed to a foreign exchange market that is transparent and liquid, with transactions driven by willing buyers and willing sellers.
He has also pointed to stronger oil and non oil exports, increased foreign investment, improved domestic productivity and reduced dependence on imports as factors that can support the currency over the longer term.
The CBN has also been working to improve liquidity and transparency in the foreign exchange market, with the aim of strengthening confidence in the naira.

WHAT THE STRONGER NAIRA MEANS FOR NIGERIANS

A stronger naira can reduce the amount of local currency required to purchase goods and services priced in dollars.
For manufacturers, this could lower the cost of imported machinery and raw materials. For businesses that owe money in dollars, it could also reduce the naira value of their foreign currency obligations.
Consumers could eventually benefit if lower import costs are passed through to retail prices.
However, the effect on ordinary Nigerians will depend on whether the naira maintains its gains and whether businesses reduce their prices as their foreign exchange costs fall.
The improvement also does not remove Nigeria's wider economic challenges. Sustained currency stability will depend on foreign exchange inflows, export earnings, investment, domestic production and the country's ability to manage external obligations.

CURRENCY STABILITY REMAINS A KEY ECONOMIC ISSUE

The latest figures provide a more positive picture of Nigeria's foreign exchange position compared with a year earlier, but maintaining the improvement remains important.
The naira's appreciation and reserves above $55 billion could strengthen confidence in Nigeria's external position. At the same time, businesses and consumers will be watching to see whether the currency's gains translate into lower import costs and eventually more stable prices.
For the government and the CBN, the challenge will be to sustain foreign exchange liquidity and strengthen the economic fundamentals supporting the naira rather than relying solely on short term measures.