Sanusi Lamido Sanusi(illustrative)- Photo credit: Google.
Dethroned Emir of Kano State and former Central Bank of Nigeria Governor, Sanusi Lamido Sanusi has spoken the truth to the power that be, but it is only left to the leadership of the Nigerian State to either take his advice line, hook and sinker or throw it into a thrash bin.
Always known for his apt and eloquent speeches at events, Mr Sanusi Lamido did not leave any stone unturned in x-raying some problems bedeviling Nigeria while he simultaneously proffered lasting solutions for the Nigerian Government to tread carefully to avoid impeding dooms that may befall the nation in the nearest future if urgent actions and steps are not taken now.
Speaking at day 2 of Kaduna Investment Summit, themed, "KadInvest 6.0" on Friday, 24th September 2021, he discussed two, 2, key issues that the Nigerian Government needs to take serious and immediately address if the nation's economy is to be saved from collapse. Here are the two key issues he raised.
1. The goose that is laying the golden eggs for Nigeria is about to die.
The former Emir of Kano did not mince words as he referred to Nigeria's crude oil as the goose laying the golden eggs and that it is about to die.
Recall that after the discovery of crude oil in Oloibiri in 1956 around the Niger Delta region, Nigeria's economy has not remained the same after it became a mono-economy, depending mainly on revenues from the sales of crude oil and its derivatives.
But today, the price of crude oil at both continental and international markets has crumbled like a pack of cards. The whole world have embarked upon massive campaign for decarbonization and so, the future is gradually shifting from carbons.
Sanusi stated at the summit that the country is not only having problems producing oil, but also having difficulties selling the product, as the market is not there.
Therefore, he is logical to have advised the government to find alternatives by ways of diversifying the nation's economy now before it will be too late to mend.
2. Nigeria is placed 114th in the Global Innovation Index.
The former Central Bank of Nigeria's governor was also worried about the above world ranking mainly because African countries like Rwanda, Kenya and Senegal not to talk South Africa are ranked better than Nigeria that currently occupied 14th position in Sub Saharan Africa.
He lamented that Ghana with a smaller economy more in education than Nigeria. According to him, Nigeria only invests 7% of its annual budget in educational sector.
One can easily agree that Mr Sanusi has indeed some valid points that the Federal Government of Nigeria needs to take serious and start acting on without further delay if Nigeria is to compete favourably with the rest of the world.
What do you think about these vital issues raised by the former Central Bank of Nigeria governor? Do you align with his line of thoughts or otherwise?
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