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The Emir of Kano, Alhaji Muhammadu Sanusi II has identified the lack of local production of essential commodities and goods and the will to change policies that would drive the growth of quality local production as the biggest problem facing the country, and not the prevention of Nigerians from consuming imported goods.
Speaking as the special guest at a public presentation at the weekend, the former governor of the Central Bank of Nigeria, CBN, urged the federal government to take a decisive step on the type of economy it would want to run.
He said: “We have had decades of policy failure. The last decade was Africa’s miracle decade because we moved from a continent that was known for hunger and war to a decade where as a people we were seen as a land of opportunities and investments.

“Nigeria grew at seven per cent every year through out that period as the economy doubled and we became the biggest economy in Africa but lack of policy made us loose all proceeds.”
Sanusi maintained that the time had come for the government to differentiate between reality and passion.
He recalled: “I objected to the increase in the minimum wage from N12, 000 o N18, 000 in 2011 because government only had passion to reward the electorate and failed to consider the consequences along the line. By 2011, the federal government was spending about 80 per cent of its revenue on personnel and oil price was $110 per barrel and we were producing over two million barrels per day. That was a failed policy.”

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