Dr. Obiaraeri Onyeka Nnaemeka, a renowned investment banker and development economist, has offered a critical assessment of Nigeria’s economic policies and leadership. He highlighted flaws in President Bola Tinubu’s economic reforms and challenged Vice President Kashim Shettima’s assertion that Nigeria is the greatest black nation on earth.
Speaking during an exclusive interview on 90MinutesAfrica with Rudolf Okonkwo, Dr. Obiaraeri commended the twin policies of petrol subsidy removal and exchange rate unification but criticized the government for failing to address the root causes of these economic challenges.
“The policies in themselves are good,” he noted, “but the underlying issues that created these problems were not resolved, leaving the economy in a fragile state.”
He also took issue with Shettima’s recent statement, arguing that Nigeria’s large population masks deeper systemic problems. “Shettima is grandstanding in emptiness. Nigeria is the most populous black nation, but it also has the highest concentration of poor people in the world. Nigeria has failed Africa because of men like him,” he said.
Dr. Obiaraeri further discussed how southeast governors could unlock over $4 billion annually by establishing agro-clusters in each of the region’s 95 local government areas. He outlined a strategy that would leverage community resources, government infrastructure, and private sector partnerships to create sustainable wealth.
“In the southeast, we have 95 local government areas. If the governors invest $6 million to establish agro-clusters in each LGA, I can show them how to generate $42 million annually from each cluster,” he explained.
The scheme, as proposed, would see communities providing land, while the government would offer basic infrastructure such as roads, water, and security. The private sector would handle technology, training, and produce off-take.
“The communities will donate the land, and their sons and daughters will manage it. The government’s role is limited to providing basic infrastructure. My team will bring the technology, seedlings, and training while off-taking all the produce,” he added.
Dr. Obiaraeri assured that the governors would not need to dip into their allocations for this initiative, as a transparent framework would be established. This framework, he claimed, could create over 1,000 jobs in each electoral ward and generate at least five billion naira annually from each.
Using Imo State as an example, he illustrated the potential benefits: “Imo has 305 wards. If the state generates three billion naira in annual revenue from each ward, that would amount to one trillion naira per year. This is more than the state’s federal allocation over the past five years combined.”
Dr. Obiaraeri’s insights offer a blueprint for economic transformation in the southeast and a broader critique of leadership that has hindered Nigeria’s progress.
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