Emir Sanusi Lamido Sanusi of Kano said on Thursday that human capacity development is key to Nigeria’s economic development, highlighting that the country’s crude oil is not a curse but the leaders are.
Mr 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 the foundation of the economic framework.
Mr Sanusi said Nigeria could not depend solely on oil to grow its economy and ensure its prosperity.
“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 do not have any minerals, neither do Germany, Australia, or Rwanda, just to mention a few examples. By no means can anybody compare the standard of living and life expectancy of any other developed benchmark in these countries to that of Nigeria.”
Mr Sanusi added, “In spite of having an abundance of mineral resources, countries like Russia, the UAE, and 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.”
According to Mr Sanusi, human capital and good governance are why countries with complex characteristics, such as India, Brazil, China and the U.S. have developed through innovation, intellectual property, education and strong public institutions.
Mr Sanusi said 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,” Mr Sanusi said.
