Over-dependence on oil can’t secure Nigeria’s future – Sanusi
•Tasks Rivers on human capital development
From MAUREEN DICK, Port Harcourt
The 14th Emir of Kano, Sanusi Lamido Sanusi, has called for the diversification, stressing that over-dependence on the fortunes of oil will not help Nigeria out of its current challenges.
He spoke while delivering his paper as a guest speaker at the Rivers State Economic and Investment Summit (RSEIS) 2024, held at the Obi Wali International Conference Centre in Port Harcourt, Rivers State on Thursday.
The former governor of the Central Bank of Nigeria (CBN) explained that while the country has been relying heavily on oil as source of its revenue, Nigeria could only enjoy the benefits of oil when it harnesses other available potentials.
According to him, oil alone cannot make Nigeria a wealthy country, and therefore, needs to diversify to attain meaningful development.
Emir Sanusi emphasized: “Rivers State is blessed with abundant oil resources, a gift that has significantly contributed to the economy of Nigeria as a whole. However, sitting on oil or any natural resource is not enough for economic development.
“I have said over and over again that if we were to dig out all the oil that is under Nigeria’s soil today and sell it and share the money among all Nigerians, we would, at best, be a lower-middle-income country. So, oil is a resource, but it’s not enough to make us a wealthy country.
“To achieve development, it is imperative that we recognise the need to take specific steps that transcend natural resources to diversify and institutionalize foundational economic frameworks to fully reap the blessings of oil itself, chiefly because it is not wholly controlled by the state.
“There’s a need to consider its viability and risks. To ensure a prosperous future, we must embrace innovation and reforms to make the state attractive for investment and capable of realistic growth. In other words, it is the capacity of state institutions to ensure quality in thinking and skills of the population that will be critical to the delivery of results.”
According to him, “resources can be a blessing, and resources can be a curse despite having an abundance of mineral resources. Countries like Russia, the UAE and Norway have developed not only by those resources given to them by nature or providence, but by successful and deliberate vision to diversify through the quality of their governance institutions and people. If we’re serious about development, we have to stop expecting oil to do everything for us.”
He added: “Everyone in Nigeria now talks about investment, infrastructure and development. But, few consider that no investors would simply deploy resources in the name of investment unless they see that the environment is prepared to accommodate their business, make it prosper, and protect it.”
The former CBN boss attributed the development of countries like the United States of America and China to innovation, intellectual property, education and strong public institutions.
On Rivers State being the second largest economy in Nigeria, the monarch tasked the government on human capital development.
He said : “Rivers State has a unique opportunity to emerge as a beacon of progress in the face of hopelessness. It has the opportunity to operationalise the ideals of the concept of sub- nationalism in a federal context by building a resilient, dynamic, modern and effective system that fosters economic development and prosperity.
“With rich arable land, abundant oil and water resources, as well as the strategic location of the state, Rivers can be one of the best investor paradises not just in Nigeria, but in West Africa if the right things can be done.”
Sanusi commended Rivers State Governor, Siminalayi Fubara, for the invitation, adding that the state government must prioritize education and skills training to improve its oil-based economy.
“The key to development is human capital. Investing in the people is paramount. Rivers State needs robust education and skill training programmes that essentially aimed to prepare its youths in the future workforce.
“Reform the primary and secondary schools, colleges, polytechnics and universities to become real incubation centres that produce engineers, technicians and artisans that provide an efficient workforce for Rivers State and to produce and retain medical doctors that work class healthcare for residents in the State, so that no one has to travel abroad for treatment.”
Ends.