"One basic problem of democracy, particularly in the developing country of Africa, is that it is a very expensive project," he said.
The money Nigeria needs to continue the push for democracy is not available because the country owes almost $30 billion in debt, he told the audience.
Nigeria's debt to the Paris Club, an international finance organization, has swelled from $5 billion to over $21 billion over the last 15 years--based on then accumulation of interest alone.
Such debt is keeping Nigeria from being able to invest in its own infrastructure, Obasanjo stated.
"No significant measure of development is at all possible for as long as we must continue to pay up on these loans," he said.
The morning's loudest and longest applause came when Jeffrey D. Sachs, the director of the Harvard Center for International Development, told Obasanjo and the audience that his center is fighting to get developing countries' debt forgiven.
"It's going to happen, and we'll celebrate it here," Sachs said.
In closing, Obasanjo challenged the audience to join him in his fight to improve the quality of life in Africa.
Read more in News
Renowned Architect to Design for HarvardRecommended Articles
-
Nigerian Senior's Mother KilledSix men shot and killed the mother of a Harvard senior near her home in Lagos, Nigeria, yesterday. Kudirat Abiola,
-
Na Democracy Man Go Chop?In his speech delivered on Oct. 30 at the Kennedy School of Government, President Olusegun Obasanjo of Nigeria described the
-
Editor's Notebook: Get Serious About Fighting AIDSAt the beginning of the last decade, the world had a chance to halt the spread of AIDS in Africa.
-
Troubled NigeriaFor six months, Lt. Col. Tokubu Gowon, head of Nigeria's military government, has been struggling to prevent tribal antagonisms from
-
Students in Nigeria - The New EliteRevolution is the stuff of which headlines are made. Yet the most significant one in today's world--what Chester Bowles has
-
Shaplin Discusses U.S. Role in NigeriaBefore the current small-scale teaching programs for Nigeria can expand, the country must create a definite place for Americans in
