Basking in the euphoria of his reinstatement, Sanusi Lamido Sanusi, the 14th Emir of Kano, Nigeria, has advocated for the diversification of Nigeria’s economy to address the prevailing economic challenges. The former Governor of the Central Bank of Nigeria emphasized the need to harness and judiciously utilize the country’s resources beyond oil.
Speaking at the 2024 Rivers State Economic and Investment Summit (RSEIS) held at the Obi Wali International Conference Centre in Port Harcourt, Sanusi explained that relying solely on oil has limited Nigeria’s economic potential. He stressed that even with all the oil revenue, Nigeria would only achieve a lower-middle-income status if it did not diversify its economy.
Sanusi highlighted the importance of developing robust economic frameworks and institutions that transcend natural resources. He pointed out that successful countries like Russia, the UAE, and Norway have thrived not only due to their natural resources but also through deliberate efforts to diversify their economies, backed by strong governance and skilled populations.
“Resources can be a blessing, and resources can be a curse,” Sanusi said, emphasizing the need for Nigeria to stop depending solely on oil and to pursue development through innovation and reforms that attract investment and promote sustainable growth.
He also noted that the nation’s economy could witness significant growth if investments and infrastructure are well-secured. Sanusi explained that investors need a stable and conducive environment to prosper, drawing comparisons with the development models of the United States and China, which owe much to innovation, intellectual property, education, and strong public institutions.
Sanusi commended Rivers State for its potential, being the second-largest economy in Nigeria, and highlighted the state’s strategic advantages, including rich arable land, abundant oil, and water resources. He urged the state to leverage these resources to become a leading investment destination in West Africa.
Expressing appreciation to the state governor, Siminalayi Fubara, for the invitation, Sanusi also paid tribute to his late friend, Herbert Wigwe. He emphasized the importance of honoring Rivers State as a means of honoring Wigwe and highlighted the significance of design education and skills training to improve the state’s oil-based economy.
Sanusi concluded by encouraging the Rivers State government to build a resilient, dynamic, and effective system that fosters economic development and prosperity, thereby operationalizing the ideals of sub-nationalism within a federal context.
