Sanusi Warns: Relying on Oil Won’t Enrich Nigeria, Could Spell Trouble

Former CBN governor, Sanusi Lamido Sanusi, has cautioned that Nigeria cannot depend on oil for wealth and must reduce reliance on it.
He advocated for cash transfers in the short term to offset fuel subsidy removal and a long-term solution to lessen dependence on petroleum.
Sanusi emphasized the need to promote public discourse on economics to reform Nigeria’s economy and shift from a rentier state mentality to an approach focused on long-term development.
He also criticized the existence of multiple exchange rates and called for policy changes to boost revenue and enhance the country’s attractiveness for investment and economic growth.

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