Sanusi speaks on Nigeria Economic diversification
Former Governor of the central bank of Nigeria, Sanusi speaks on Nigeria Economic diversification at a conference today
Former Central Bank Governor, Mohammed Sanusi (II), says Nigeria has to take economic diversification more seriously in order to experience growth and development.
Being a guest speaker on the Kaduna Investment Summit 5.0, the former Central Bank governor made a speech in which he said that over reliance on our oil has left Nigerians unproductive.
This was after congratulating the state for “continuing with this extremely useful conference and not just that for making sure its not a talk show because we see progress and actual implementation of decisions that are taken in previous conferences”.
The theme of the conference was: INFRASTRUCTURE, INDUSTRIALIZATION AND INNOVATION.
Making reference to Malaysia he gave a breakdown of the economic growth of both countries within a 30-year period.
According to him, for Nigeria “there was an increase in wealth but without any structural transformation”.
“We were growing but we did not diversify and that explains the huge levels of poverty in the country, it explains the huge levels of inequality in the country, it explains the vulnerability of the economy to shocks, it also explains the relatively slow pace of growth because when Malaysia started, they started from a GDP per capita level lower than Nigeria’s GDP per capita in 1985.
It started from $310 to $4,045 while we started from $345 to $2,055”.
He also stressed the importance of the government creating the right environment and infrastructure for private businesses to thrive.
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