Why My Father Refused Western Loans and Cut Nigeria’s Debt

My late father faced a sustained media campaign from Western powers determined to force him to bow to their schemes. They blacklisted Nigeria and blocked key international opportunities in an effort to make him come begging. Starting from almost nothing, he slashed Nigeria’s external debt from about $36 billion to $27 billion. At the same time, he grew our foreign reserves from roughly $494 million to $9.6 billion. He led with a rugged, no-nonsense approach—more like Ghana’s Jerry Rawlings—because he believed a soft, easy-going style wouldn’t work for our country.

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