Nigeria can’t depend on oil to develop its economy – Emir of Kano, Sanusi

Emir of Kano, Sanusi Lamido Sanusi on Thursday said that human capacity development was key to the economic development of Nigeria.

Sanusi was the Keynote speaker at the 2024 Rivers State Economic summit

According to him, to achieve development, it is imperative to recognise the need to take some specific steps that transient natural resources to diversify and institutionalise foundation of economic framework.

Sanusi said that Nigeria cannot depend only on oil to grow the economy as well as ensure prosperity of the country.

“I have said it over again, if we are to take all the oil in Nigeria, sell it and share the money among all Nigerians, we will be a lower income country. So, oil is a resource but not enough to make us a wealthy country,” he said.

“Japan and Singapore does not have any mineral, neither does Germany, Australia or Rwanda, just to mention a few examples.

“By no means can anybody compare the standard of living, life expectancy of any other developed benchmark in these countries to that of Nigeria.

“In spite having abundance of mineral resources, countries like Russia, the UAE, Norway, among others have developed.

” Not only by those resources given to them by nature or providence but successful and deliberate vision to diversify through the quality of their governance institutions and people.

“Resources can be a blessing, and resources can be a curse, the choice is left to the leaders. Oil is not a curse , the curse is the leader, we have the choice to make it a curse or a blessing. The choice that you made is yours,”Sanusi said.

According to Sanusi, human capital and good governance are why countries that are complex in their characteristics such as India, Brazil, China and the U. S. have developed through innovation, intellectual property, education and strong public institutions.

Sanusi said that Nigeria must invest in renewable energy.

“This is to ensure sustainable and reliable energy sources driving industrial growth, especially with the current electricity act that empowers states to generate and distribute electricity,” Sanusi said.

Also speaking, the Deputy Governor of Rivers, Prof Ngozi Odu, said the summit was very reflective and transformative.

Odu thanked Gov. Sim Fubara for conceiving the idea, adding that he is a man of focus who put Rivers people first ahead of other issues in the state.

Odu said the essence of the summit was to attract investments for economic growth, networking and collaboration, showcase opportunities that exists in the state, encourage innovation, and to boost tourism and hospitality.

“Because there are investors here, we are ready to hit the ground running.

“The government of Rivers state is ready to partner with you in investment, This summit is not a talkshow but to reassure us that the government will ensure that in six months time, we will have to tell ourselves how far we have grown in achieving a robust investment in the state,”Odu said.

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