Sanusi’s 7 Solutions To Nigeria’s Economic Mess Is ‘Simple & Straightforward’

The former Central Bank Governor and current Emir of Kano, HRH Sanusi Lamido Sanusi has outlined solutions to Nigeria’s current economic crisis. Emir Sanusi laid out his solutions in a presentation titled A Plan to Restore Confidence, Direction & Growth at the Savannah Centre for Diplomacy, Democracy & Development – Abuja.

We think his solutions are simple and straightforward and should be adopted by any reasonable government determined too proffer solutions. Critics believe we don’t have such a government at the moment.

Here is a summary of his solutions;

• The years of “Africa Rising” where one tide could lift all boats are behind us: the commodity cycle has turned, and government balance sheets are stretched.
• Sustainable, inclusive growth now depends on investment – and in Nigeria’s case, policy credibility will first need to be restored.
• The role that government can play in this process is defined by: (a) implementing the FX policy it already has; (b) creating the conditions for local manufacturing to develop

More specifically, it can:

• Allow price discovery to occur in the foreign exchange market
• Close the gap between FX policy design and implementation
• Shift the focus of fiscal policy towards reducing debt-servicing costs
• Firmly and unequivocally eliminate fuel subsidies
• Raise more concessional funding from abroad
• Capitalise NBET, so that arrears can be cleared
• Protect infant industry, specifically labour-intensive manufacturing

Also find screen shots of his solutions

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You can get the full presentation below;

Download (PPTX, 389KB)