Obasanjo stated this in Ibadan, Oyo State capital during a product launch by a leading beverage company, on Thursday.
The former president, however, urged Nigerians to invest in livestock farming, advising the Oyo State Government to turn the state into a dairy centre by tapping into its potential for livestock and dairy production.
Obasanjo also called on the state government to educate local farmers on dairy farming and practices.
Governor Seyi Makinde, in his address, said his administration remained committed to providing an enabling environment for businesses to thrive.
Represented by his deputy, Mr Bayo Lawal, the governor assured investors that his government would continue providing security and facilities while implementing policies supporting their businesses.