Why We Are Still In Economic Recession – Emir Sanusi

The Emir of Kano said that either policy failure or lack of a clear policy is responsible for Nigeria’s current economic recession.

He spoke in Lagos at the weekend during The Point newspaper’s Public Presentation and First Annual Conference on Economic Regeneration.

The emir pointed out that decades of policy failures, became a great issue in the country’s wheel of economic development.

He advised policy makers and Nigerians to focus on the issues that have pushed the economy into a crisis so as to quickly exit the recession.

The former Central Bank of Nigeria (CBN) governor 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.”

He advised the Federal Government to decide the type of economy it wants to run by differentiating between reality and passion.