Nigeria’s economy will grow when policy makers become focused –Sanusi

The Emir of Kano, Muhammadu Sanusi, has blamed various inconsistent policies of governments as the root cause of most of the religious and social crises bedeviling Nigeria.

Sanusi, a former governor of Central of Nigeria (CBN), said the country can only enjoy appreciable growth in all sectors, as well as achieve lasting peace as soon the policy makers become better focused.

Speaking at a public function in Lagos on Wednesday, Sanusi said: “Being an economist, my perspective has always been that a lot of the problems we think are religious do have roots in bad economics and bad policies that create poverty and therefore lead to conflicts,”

On expectations that the CBN would have reviewed downwards the country’s interest rate, the Emir said he was in support of retaining the rate until the market forces do otherwise.

It will be recalled that CBN governor, Godwin Emefiele and the Finance Minister, Mrs. Kemi Adeosun, are yet to agree on how best to manage Nigerian economy, including its soaring interest rate and other instruments, which foreign investors have been fingering for their reluctance to return to the country.

Read also: NLC: Cannibals and Buccaneers out to hijack our economy

But Sanusi disagreed with those calling for sale of public assets, but pushed for a more aggressive approach in finding solution to the persistent dwindling fortunes of the people down the ladder, who, he said, were at the receiving end of the current economic recession.

In his comment at the event, the chief executive officer, Stanbic IBTC Holdings, Mrs. Sola David-Borha, called on the relevant authorities to open up the country’s financial market with minimal restrictions on entry and exit of funds.

“Our market should be able to create wealth in a sustainable manner, for if we focus on wealth creation rather than sharing of money, we will be able to put the nation on the trajectory of growth,” she said.

Another speaker, including former chairman of Punch Nigeria Newspapers, Chief Ajibola Ogunshola, who called for intellectuals and economic experts to come up with the way forward for the country’s present economic predicament.

By Emma Eke…

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