HomeNEWSDecade of Economic Mismanagement Needs More Than a Year to Fix- Sanusi

Decade of Economic Mismanagement Needs More Than a Year to Fix- Sanusi

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By Fasuyi Tolulope Samuel

Muhammadu Sanusi, former Central Bank of Nigeria (CBN) governor and the 14th Emir of Kano, has highlighted the extensive period required to rectify a decade of economic mismanagement in Nigeria. Speaking at the 2024 Rivers State Economic and Investment Summit at the Obi Wali International Conference Centre in Port Harcourt, Sanusi emphasized the unrealistic expectations of reversing the economic downturn within six months to a year.
Sanusi praised the Rivers State government’s focus on economic development through investment promotion, calling it a thoughtful and necessary approach. “The decision to center governance around economic development through investment promotion is a very thoughtful and great decision by the government of Rivers State,” he remarked.
However, he cautioned that economic reform demands difficult and often unpopular decisions, which politicians typically resist. “Reforming an economy, whether at the state or national level, requires difficult decisions and policies that are often painful and unpopular,” Sanusi stated. “But that is the only way to guarantee a better future for the people.”
Sanusi’s comments come as the current administration under President Bola Tinubu implements significant economic policies, including the removal of the petrol subsidy and the unification of the foreign exchange rate. These measures have led to a surge in commodity prices, causing widespread hardship among Nigerians.
Addressing these challenges, Sanusi reiterated that the benefits of such decisions would take time to materialize. “We need to understand that some of the difficult decisions taken will take time to work through the economy. It will take a little while for us to see a turnaround, but those decisions are absolutely necessary to save the economy,” he explained.
He warned that without these reforms, Nigeria risked following the economic trajectories of countries like Zimbabwe, Venezuela, and Argentina. Sanusi also discussed taxation, advocating for a balanced approach that promotes growth rather than stifling it. Quoting the late British Prime Minister Margaret Thatcher, he said, “No country has ever taxed its way to prosperity.”

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