Sanusi Blames Decades Of Policy Failure For Recession

From left: Aregbesola, Sanusi II, Alake of Egbaland, Oba Adedotun Gbadebo; and representative of the First Lady, Mrs. Mary Paul at the public presentation and first annual conference of The Point in Lagos

The Emir of Kano, Alhaji Muhammadu Sanusi II, has blamed decades of policy failure as the cause of the present economic recession. He said the trouble with the economy is either policy failure or lack of a clear policy.

Sanusi spoke in Lagos at the weekend at The Point newspaper’s Public Presentation and First Annual Conference on Economic Regeneration, where he was the special guest of honour.

The former central bank governor said decades of policy failures became a spoke in the country’s wheel of economic development. He therefore advised policy makers and Nigerians to focus on the issues that have pushed the economy into the doldrums so as to quickly exit the recession.

He said: “We have had decades of policy failure. The last decade was Africa’s miracle decade because we moved from a continent that was known for hunger and war to a decade where we were seen as a land of opportunities and investments.

“Nigeria grew at seven per cent every year throughout that period as the economy doubled and we became the biggest economy in Africa but lack of policy made us lose all proceeds.”

Sanusi called on the Federal Government to make up its mind on  the type of economy it wants to run by differentiating between reality and passion.

“I objected to the increase in the minimum wage from N12, 000 o N18, 000 in 2011 because government only had passion to reward the electorate and failed to consider the consequences along the line. By 2011, the Federal Government was spending about 80 per cent of its revenue on personnel and oil price was $110 per barrel and we were producing over two million barrels per day. That was a failed policy,” he said.

He argued that stopping Nigerians from consuming imported goods is not the biggest problem confronting the country, rather the lack of local production of goods and the will to change policies which will propel the growth of quality local production.