Nigeria Sanusi Warns: Oil Alone Won't Make Nigeria Rich, Could Lead to Trouble

Former Emir of Kano, Alhaji Muhammadu Sanusi II, delivered a stark warning that Nigeria's oil wealth would not lead to riches but could lead the nation into trouble. Speaking at a lecture organized by the Nigerian Institute of International Affairs in Lagos, Sanusi stressed that oil was insufficient to bring prosperity and might result in problems instead. He suggested that the long-term solution was to reduce the country's dependence on petroleum.

Sanusi called for reducing subsidies on petroleum products and replacing them with cash transfer programs in the short term. He emphasized the need for economic discussions to play a significant role in reshaping Nigeria's economy, which, according to him, has been governed by those in power. He urged a change in the country's direction, emphasizing the importance of increasing revenue, enhancing Nigeria's reputation to attract investments, and fostering economic growth.

Sanusi highlighted the adverse effects of having multiple exchange rates in the country, noting that politicians who benefit from such arrangements might not be inclined to listen to economists. The former Emir urged a shift in mindset to focus on long-term planning and the nation's future rather than personal gain