Nigeria needs time to rebuild economy after 10 years of poor management – Sanusi

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

Speaking at the 2024 Rivers State Economic and Investment Summit at the Obi Wali International Conference Centre in Port Harcourt on Thursday, Sanusi emphasized that reversing the economic damage of the past ten years would take more than six months or a year.

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

“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 highlighted the need for realism among Nigerians, noting that the economic mismanagement of the past decade cannot be swiftly rectified.

Under the current administration of President Bola Tinubu, several economic policies have been implemented, including the removal of the petrol subsidy and the unification of the forex rate.

Sanusi said it will take a little while for Nigerians to see the impact of some of these decisions taken in order to reform the economy but maintains that the decisions are necessary.

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“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 pointed out that without going through the process of economic reforms, Nigerian would have walked the path of countries like Zimbabwe, Venezuela and Argentina which would not have been funny.

He also spoke on lots of other issues including taxation, saying that government’s taxing of the citizens must be sensible and not extortionary.

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

He emphasized that taxing and having a tax net is important but it must be streamlined. He added that government must tax growth and not income.

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

NIGERIAN TRIBUNE