The former CBN governor, Sanusi Lamido Sanusi, said on Thursday that Nigeria’s reliance on oil production alone is not sufficient to guarantee prosperity for the country.
Sanusi made this statement while delivering the keynote lecture at the Distinguished Lecture Series of the Nigerian Institute of International Affairs (NIIA) in Lagos.
According to the former emir of Kano, Nigeria’s dependence on oil is not a working strategy to make us rich; however, it can put the country in great trouble.
Sanusi observed that it’s important to bring the economy into public discourse because that’s the only way through which Nigeria’s economic predicament can be addressed.
Referencing oil-producing countries such as Saudi Arabia, Kuwait and Gabon, he stated the country merely produced 2.3 barrels per day for an average Nigerian.
“Oil is not enough to make us rich but enough to put us in trouble.
“Nigeria will never get rich from producing oil.”
“At best, it represents working capital that can enable the launch of other industries.”