Nigeria needs time to rebuild economy after ten years of poor management – Sanusi

Muhammadu Sanusi, the former Governor of the Central Bank of Nigeria and the 14th Emir of Kano, has stated that it will take quite some time for the Nigerian economy to recover from a decade of mismanagement.

Speaking at the Rivers State Economic and Investment Summit 2024 at the Obi Wali International Conference Center in Port Harcourt, Sanusi stressed that undoing the economic damage of the past decade would take more than six months or a year.

“The decision to focus the administration on economic development through investment promotion is a very thoughtful and commendable move by the Rivers State government,” Sanusi noted.

“Reforming an economy, whether at the state or federal level, requires making difficult, often painful and unpopular decisions, which politicians typically avoid. However, this is the only way to secure a better future for the people.”

Sanusi also stressed the need for realism among Nigerians, noting that the economic mismanagement of the past decade cannot be remedied quickly.

Under the current administration of President Bola Tinubu, several economic policies have been implemented, including the abolition of the gasoline subsidy and the unification of the currency exchange rate.

Sanusi said it will take some time for Nigerians to see the impact of some of these decisions made to reform the economy, but maintains that the decisions are necessary.

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“And we have to understand that some of the tough decisions being made take time to ripple through the economy. It will take a while before we see a turnaround, but these decisions are absolutely necessary to save the economy,” he said.

Sanusi pointed out that without the process of economic reforms, Nigerians would have followed the path of countries like Zimbabwe, Venezuela and Argentina, which would not have been funny.

He also spoke on many other issues including taxation and said government taxation of citizens should be sensible and not extortionate.

Quoting former British Prime Minister Margaret Thatcher, Sanusi said no country has ever taxed its way to prosperity.

He emphasized that raising taxes and having a tax net is important, but it needs to be streamlined. He added that the government should tax growth and not revenue.

Sanusi also stressed the need for diversification of the economy, saying oil is a resource but not enough to make Nigeria a rich nation.

NIGERIAN TRIBUNE