By Ibrahim HassanWuyo
Former Emir of Kano and one-time Managing Director of First Bank, Sanusi Lamido Sanusi has lamented that the nation’s economy has not been diversified, over 60 years after the discovery of oil in Nigeria.
Malam Sanusi spoke on the second day of the Kaduna Economic and Investment summit (KADINVEST) 5.0 on Tuesday.
While comparing Nigeria and Malaysia, Sanusi said that the latter has transformed from an exporter of primary products, to manufacturing over a 30-year period, from 1970 to 2000, adding that its ‘’ GDP/capita increased from $310 to $4,045 within that period.’’
The renowned Economist said that Nigeria has generated an increase in wealth from $345 in 1985 to $2,655 in 2015 GDP/capita but ‘’without any structural transformation in what the country actually produced.’’
The former Governor of CBN pointed out that the export of crude petroleum and oils obtained from bituminous materials contributed almost the same increase in wealth in…
Source: Vanguard Newspaper