How to reset Nigeria’s economy — Sanusi


Sanusi Lamido Sanusi, the 14th Emir of Kano and former Governor of the Central Bank of Nigeria, emphasized that reducing dependence on petrol is the long-term solution to the petrol subsidy removal crisis. Speaking at the Distinguished Lecture Series of the Nigerian Institute of International Affairs in Lagos, he stated that in the short term, the most effective measure to offset the removal of fuel subsidies is cash transfers. Sanusi stressed the importance of bringing economics into public discourse and recognizing the influence of politics on economic matters.

He pointed out that the ideological orientation of those in control of the state determines the economic policies. If the state is managed by individuals focused on personal gain, the economy will suffer. Sanusi highlighted the issue of multiple exchange rates and how politicians exploit these differences for personal gain. He also blamed the civil society, to some extent, for the current economic situation, stating that warnings about fuel subsidies were raised as early as 2011.

Regarding Nigeria’s economic challenges, Sanusi emphasized the need to improve the country’s image to attract investments. He noted that while oil can enable the launch of other industries, it is not enough to make Nigeria rich, especially given the country’s low oil production per capita compared to other oil-producing nations like Saudi Arabia and Kuwait. Sanusi’s insights underscore the importance of addressing the structural issues in Nigeria’s economy and reducing dependency on oil in the long run.

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