A former Governor of the Central Bank of Nigeria (CBN) and Emir of Kano, Sanusi Lamido Sanusi, has urged Nigerians to be realistic and patient with the current administration, saying decade-old mismanagement cannot be reversed within six months or a year.
Sanusi stated this yesterday while presenting his keynote address at the maiden edition of the Rivers State Economic and Investment Summit, held in the state capital.
He argued that decisions being taken by the current administration would require time “to work through the economy” and translate to more prosperity.
His observations came less than a week to the first anniversary of President Bola Tinubu’s administration, whose performance is rated by many as below average.
By 10-year mismanagement, Sanusi was referring to the administration of former President Muhammadu Buhari, of which he was a strong critic.
He commended the Rivers State Government and Governor Siminalayi Fubara, saying the decision to centre government on economic development and also hold an investment summit was timely.
The former CBN governor, however, told Fubara that the development of the state would require stakeholders and citizens to team up and pursue radical policies that would project it as an investment haven.
He said efficient leadership, and not natural resources, is key to reversing the current poor economic status of the country, arguing that Nigeria would be a middle-income country, at best, even if its entire crude deposit were sold and the money shared to the citizens.
Sanusi said the Federal Government requires difficult decisions involving policies that may be painful and unpopular, even among politicians “because of their re-election bid.” According to him, this is the only guarantee of a better future.
“At this moment in our history, when the country is desperate to chart a new course in economic thinking, opting for a paradigm shift that seeks to harness our vast potential and propel us towards sustainable growth and prosperity, we need to understand that some of the difficult decisions that are 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 necessary to save the economy.
“We always knew that we would have to go through this process if we did not change course. We have seen this movie in Zimbabwe, Venezuela, etc, and it is a movie we do not want to be a part of. I do hope that we will make this transition a short one and go back to economic growth. But it is the right thing to do,” he insisted.
