Former Nigerian President Olusegun Obasanjo has expressed deep concern over the country's worsening economic situation, attributing it to leadership failures and an unwillingness to take responsibility. Speaking at the Chinua Achebe Leadership Forum at Yale University, New Haven, Connecticut, USA, Obasanjo delivered a keynote address titled "Leadership Failure and State Capture in Nigeria."

Describing Nigeria's current state as dire, Obasanjo said, "As the world can see and understand, Nigeria’s situation is bad." He linked the country's challenges—ranging from insecurity and disunity to underdevelopment and youth unrest—to widespread corruption and poor governance. "The more the immorality and corruption of a nation, the more the nation sinks into chaos, insecurity, conflict, and underdevelopment," he noted.

Obasanjo highlighted Singapore as an example of effective governance, emphasizing its investments in healthcare, education, and social welfare, which have kept the government responsive to its citizens' needs.

Quoting from Chinua Achebe’s 1983 treatise, "The Trouble with Nigeria," Obasanjo remarked, "The problem with Nigeria is simply and squarely a failure of leadership. The Nigerian problem is the unwillingness or inability of its leaders to rise to the responsibility, to the challenge of personal example, which are the hallmarks of true leadership."

Obasanjo also cited concerns raised by U.S. intellectuals Robert Rotberg and John Campbell about Nigeria's failing state status and its potential impact on Africa. He elaborated on the concept of state capture, describing it as a pervasive form of corruption where powerful individuals or groups manipulate a nation’s policies and resources for personal gain.

"What is happening in Nigeria – right before our eyes – is state capture," Obasanjo declared. He criticized the sale of national assets at undervalued prices, the allocation of resources to elites, and the undermining of public institutions like the legislature, judiciary, and executive.

He warned that state capture erodes public trust, favors elite interests over the public good, and undermines economic development, public service quality, and regulatory integrity. "Laws, policies, and regulations are designed to benefit a specific interest group, oftentimes to the detriment of society in general," he explained.

Despite painting a grim picture, Obasanjo expressed hope, urging collective action to combat corruption and restore accountability in leadership.