Sanusi said economic reforms at any level of government require difficult decisions and painful policies that usually don't go down well with politicians.
Former Central Bank of Nigeria (CBN) Governor and the 14th Emir of Kano, Sanusi Lamido Sanusi, said the Nigerian economy needs more than one year to recover from the mismanagement of the last decade.
According to the erstwhile CBN governor, the nation realistically requires more than six months or one year to undo the economic mismanagement of the last ten years.
He made this known while speaking on the economy and other issues at the 2024 Rivers State Economic and Investment Summit at the Obi Wali International Conference Centre in Port Harcourt, the state capital on Thursday, May 23, 2024.
Since assuming office on May 29, 2023, President Bola Tinubu's administration has embarked on several reforms to recalibrate the economy, including the removal of petrol subsidies and the unification of the foreign exchange market.
However, these decisions have further worsened the economic conditions as prices of commodities skyrocket.
Though the government has assured that thecurrent economic pain will be temporary, Nigerians have continued to lament the harsh living conditions.
Sanusi says no easy way out
In his submission, Sanusi noted that it will take some time before Nigerians start feeling the positive impact of some of these economic reforms.
The former CBN Governor also maintained that the steps taken by the Tinubu government were necessary to set Nigeria on the path of economic prosperity.
“The decision to centre governance around economic development through investment promotion is a very thoughtful and great decision by the government of Rivers State.
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“This is more so because the reform of an economy whether state or the federation at large requires difficult decisions, it involves policies that will be painful and unpopular which usually don’t go down well with the politicians.
“But that is the only way to guarantee a better future for the people. At this point it is important for us as Nigerians to be realistic, the mismanagement of the last ten years will not be undone in six months or one year,” Sanusi said.
“And we need to understand that some of the difficult decisions that are taken will take time to walk through the economy. It will take a little while for us to see a turnaround but those decisions are absolutely necessary for them to save the economy,” he stated.
Sanusi says Nigeria can't tax its way to prosperity
Sanusi, who touched on many other issues including taxation, cautioned thatimposing multiple taxes on the citizens won't lead to economic prosperity.
While emphasising the importance of tax and having a wider tax net, he said everything must be streamlined to guide against extortions.
Borrowing a quote from the late former British Prime Minister,Margaret Thatcher, the former CBN governor said that no country has ever taxed its way to prosperity.
