The former CBN Governor, Muhammed Sanusi (ii) who was a guest speaker at the ongoing Kaduna investment summit tagged KADinvest 5:0 says, Nigeria must take economic diversification more seriously in order to experience growth and development.
In his speech, Sanusi gave breakdown of the Malaysia and Nigeria’s economic growth within a 30- year period.
” There was an increase in wealth but without any structural transformation.
” We were growing but we did not diversify and that explains the huge levels of inequality in the country.
” The huge level of inequality in the country explains the vulnerability of economy to shocks, it also explains the relatively slow pace of growth because when Malaysia started, they started from a GDP per capita level lower than Nigeria’s GDP per capita in 1985. It started from $310 to $4,045, while we started from $345 to $2,055″.
According to him, hence the need for the government to create the right environment and infrastructure for private businesses to thrive.
” One way to look at it is to understand the difference between production and consumption, ” he said.
Sanusi added that: electricity per capita is such a critical determinant for moving people out of poverty.
Speaking further, the former CBN boss, noted that with the right environment, the country can move away from being only consumers to producers of technology.
He urged the youths to also not only rely on the government but to create opportunities for themselves, including exploring the endless possibilities of their smartphone.
“We need to think over and over again as to how we understand economics and what we see. How do we understand technology or electricity, are we consumers or are we producers and that’s why investment in human capital is so important.
” Produce young men who know that they are worth more than just using their phones to import a pair of shoes, ” he said.