Why Nigeria Can’t Continue To Depend On Crude Oil

Former Governor of the Central Bank of Nigeria (CBN) and ex-Emir of Kano State, Sanusi Lamido Sanusi II, has said Nigeria cannot afford to continue to depend on crude oil as a source of revenue.

Sanusi said this on Thursday at the 2024 Rivers State Economic and Investment Summit in Port Harcourt.

The summit, organised by Governor Siminalayi Fubara’s administration, assembles security, economic, and policy experts and residents of the state to brainstorm on the pathway to economic recovery and sustainable growth for the oil-rich south-southern state.

In his keynote address at the summit, the former CBN governor called for diversification of the Nigerian economy for development.

Sanusi noted that Nigeria’s dependence on crude oil was affecting its pace of development, adding that the national resource is not enough to make Nigeria a wealthy nation.

“Oil is good but it is not enough to make us a wealthy Nation,” he said.

Sanusi also condemned over-taxation in Nigeria by the Bola Tinubu administration, saying that it drives away investments.

“We can tax, but we must do so sensibly,” he said.

Speaking further, Sanusi called for the strengthening of both judicial and political institutions to boost economic development

Sanusi also said Rivers State, as the second largest economy in Nigeria after Lagos, has the resources to achieve development and attract investments.

The former Kano Emir called for improved investment in clean energy and solar power to create a path to prosperity in Rivers State.

He, however, asked Governor Fubara to partner with neighbouring states in South-south Nigeria to drive development and investment and achieve sound security in the state and region.