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“Oil production won’t make Nigeria rich” – Sanusi Lamido 

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Lamido Sanusi

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.  

Speaking further, the former CBN governor commended President Tinubu for removing subsidy and unifying the multiple exchange rate, noting that these two structural reforms will bolster economic growth in the country.  

He also stated that while in 2011 he revealed the danger subsidy and multiple exchange rates posed to the economic landscape, many people refused to listen to him because of vested interest.  

He said,  

Short-term and Long-term Solution 

Furthermore, Sanusi advised the President to focus on the diversification of the economy from oil reliance as a long-term strategy to the present economic challenges.  

He said that while conditional cash transfer can be used to cushion the effect of these reforms in the short term, the government should have a long-term plan to ensure that Nigeria becomes a productive state.  

On his part, Prof. Eghosa Osaghae, the Director-General of NIIA, characterized Nigeria as a nation blessed with abundant resources and the largest democracy in Africa. 

He noted that the country had been through challenges but expressed optimism that it would surmount all challenges  

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