A former Central Bank of Nigeria (CBN) governor and the 14th Emir of Kano, Muhammadu Sanusi, stated that it will take some time for the Nigerian economy to recover from a decade of mismanagement.
He emphasized that it is unrealistic to expect the economic issues of the past 10 years to be resolved within six months or even a year.
Sanusi made these remarks during the 2024 Rivers State Economic and Investment Summit held at the Obi Wali International Conference Centre in Port Harcourt, the state capital, on Thursday.
“The decision to centre governance around economic development through investment promotion is a very thoughtful and great decision by the government of Rivers State.
“This is more so because the reform of an economy whether state or the federation at large requires difficult decisions, it involves policies that will be painful and unpopular which usually don’t go down well with the politicians.
“But that is the only way to guarantee a better future for the people. At this point it is important for us as Nigerians to be realistic, the mismanagement of the last ten years will not be undone in six months or one year,” Sanusi said.
The current administration under President Bola Tinubu has implemented several economic policies, including the removal of the petrol subsidy and the unification of the forex rate. These actions have led to a significant increase in commodity prices, causing hardship for many Nigerians.
Sanusi acknowledged that it will take some time for Nigerians to see the positive impact of these decisions aimed at reforming the economy. However, he emphasized that these measures are necessary.
“And we need to understand that some of the difficult decisions that are taken will take time to walk through the economy. It will take a little while for us to see a turnaround but those decisions are absolutely necessary for them to save the economy,” he said.
Sanusi highlighted that without undergoing economic reforms, Nigeria could have ended up like Zimbabwe, Venezuela, or Argentina, which would have been disastrous.
He also addressed various other issues, including taxation, stressing that the government’s approach to taxing citizens should be fair and not extortionate.
Citing the late former British Prime Minister Margaret Thatcher, Sanusi remarked that no country has ever achieved prosperity solely through taxation.
He emphasized the importance of having a tax system but insisted it should be efficient and growth-oriented rather than income-focused.
Additionally, Sanusi underscored the need for economic diversification, noting that while oil is a valuable resource, it alone is insufficient to make Nigeria a wealthy nation.