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Home News Nigeria’s Economy Is about To Collapse – Sanusi

Nigeria’s Economy Is about To Collapse – Sanusi

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Sanusi says the goose laying the golden egg for Nigeria is about to die.

Alhaji Muhammad Sanusi, former governor of the Central Financial institution of Nigeria has raised an alarm over the state of Nigeria’s economic system.

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Sanusi whereas talking on the closing ceremony of the Kaduna Funding Summit, tagged KadInvest 6.0 on Friday, Septemebr 24, 2021, mentioned, the nation’s economic system id on the verge of collapsing.

The ex-CBN governor mentioned aside from the truth that Nigeria is having difficulties in oil manufacturing, the product is now being rejected within the international market.

“The goose laying the golden egg for Nigeria is about to die,” Sanusi mentioned.

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The dethroned Emir of Kano additional mentioned the longer term lies in a knowledge-based economic system, including that Nigeria is much behind many African nations in innovation index.

He mentioned,

“Solely eight of each 100 Nigerians who begin major college completes college.”

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“Globally, work is being redefined; 30 to 40 per cent of employees in developed economies might want to considerably improve their abilities by 2030. And what are the key drivers of this redefinition? ICT and distant working, which we now have seen even right here with COVID-19.

“There’s elevated automation and synthetic intelligence. Very quickly, robotic will take over work in most nations and people who would have job are those that function the robots, manufacture the robots or service the robotic.

“A number of months in the past, Germany was capable of produce sufficient renewable vitality for your entire nation’s want. Right now, we’re having difficulties promoting Nigerian oil. So, not solely are we having issues to provide, even once we produce, the market shouldn’t be there.

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“So, that is forcing a change, and for us a rustic that is dependent upon oil, issues want to alter.”

Sanusi, nevertheless, emphasised the necessity to create an enabling setting for financial progress and growth by talent creation and empowerement for younger Nigerians.

He additionally referred to as on the Federal Authorities to encourage market entry saying, “If Kaduna state authorities continues with its e-government plan, it will likely be a giant market itself and it’ll encourage funding that are all information economic system aspiration and a shift in authorities spending to match the precedence.”

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Whereas congratulating the Authorities of Kaduna State for the feat, he mentioned the aspiration outlined within the state’s e-government plan is crucial to addressing Nigeria’s dwindling economic system ensuing from the over-dependence on oil income.

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