In a recent address at the 2024 Rivers State Economic and Investment Summit, former Central Bank of Nigeria governor and Emir of Kano, Muhammadu Sanusi, cautioned that Nigeria’s economic recovery will not happen overnight. He stated that the economic mismanagement of the last 10 years cannot be undone in just six months or one year.
Sanusi emphasized the need for realistic expectations, noting that economic reforms involve difficult and unpopular decisions. He praised the Rivers State government’s focus on economic development through investment promotion but warned that painful policies are necessary to guarantee a better future.
Sanusi also highlighted the importance of taxation, stressing that it must be sensible and not extortionary. He emphasized the need for diversification, noting that oil alone cannot make Nigeria a wealthy nation.
His comments come as the current administration’s economic policies, such as fuel subsidy removal and forex rate unification, have led to increased prices and hardship for many Nigerians. Sanusi’s remarks aim to manage expectations and encourage a long-term perspective on economic recovery.
