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Noah Ebije, Kaduna
Former Emir of Kano, Muhammadu Sanusi II, has challenged governments to invest in human capital and create enabling environment for investments instead of borrowing to finance development.
Malam Sanusi, for governor of Central Bank of Nigeria(CBN), who spoke at the Kaduna Economic and Investment Summit (KADINVEST), yesterday, lamented that the nation’s economy has not been diversified over 60 years after the discovery of oil.
Comparing Nigeria and Malaysia, Sanusi said the latter has transformed from an exporter of primary products to manufacturing over a 30-year period from 1970 to 2000, adding that its GDP/capita increased from $310 to $4,045 within that period.
The renowned economist said Nigeria has generated an increase in wealth from $345 in 1985 to $2,655 in 2015 GDP/capita but without any structural transformation in what the country actually produced.
He pointed out that the export of crude petroleum and oils obtained from bituminous materials contributed almost the same increase in wealth in Nigeria within 30 years.
Sanusi, who quoted the 2016 edition of Atlas of Economic Complexity, said that crude oil and allied products generated 89.67% in 1985 and 77.05% in 2015, over a 30-year period in Nigeria.
He said the economy was growing but it had not been diversified and this explains the high rate of poverty and high level of inequality in the country.
