Nigeria Needs Economic Redirection to Survive as Oil Market Declines, Says Sanusi Lamido
Former governor of Nigeria’s Central Bank (CBN), Sanusi Lamido Sanusi, has warned the Nigerian economy is about to collapse, and that the country needs to look for means of catching up with the rest of world.
Speaking at the closing ceremony of the Kaduna Investment Summit, tagged KadInvest 6.0, Sanusi said aside the fact that Nigeria is having difficulties in oil production, the product is now being rejected in the global market.
He said the “goose laying the golden egg for Nigeria is about to die”.
He said the future lies in a knowledge-based economy, adding that Nigeria is behind many African countries in innovation index.
He lamented that while Ghana, with a smaller economy, invests more in education, Nigeria spends only seven per cent of its budget in that direction.
“Only eight of every 100 Nigerians who start primary school complete university.”
“Globally, work is being redefined; 30 to 40 per cent of workers in developed economies will need to significantly upgrade their skills by 2030. And what are the major drivers of this redefinition? ICT and remote working, which we have seen even here with COVID-19.
“There is increased automation and artificial intelligence. Very soon, robot will take over work in most countries and those who would have job are those who operate the robots, manufacture the robots or service the robot.
“A few months ago, Germany was able to produce enough renewable energy for the entire country’s need. Today, we are having difficulties selling Nigerian oil. So, not only are we having problems to produce, even when we produce, the market is not there.
“So, this is forcing a change, and for us a country that depends on oil, things need to change.”
He stressed the need for skill creation for the young people which will create enabling environment for economic growth and development.
“Data is one of the most crucial supports that can be given to entrepreneur for innovation,” he said.
While calling on government to encourage market access, he said, “If Kaduna state government continues with its e-government plan, it will be a big market itself and it will encourage investment which are all knowledge economy aspiration and a shift in government spending to match the priority.”
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