The former Central Bank Governor and current Emir of Kano, HRH Sanusi Lamido Sanusi has outlined solutions to Nigeria’s current economic crisis. Emir Sanusi laid out his solutions in a presentation titled A Plan to Restore Confidence, Direction & Growth at the Savannah Centre for Diplomacy, Democracy & Development – Abuja.
We think his solutions are simple and straightforward and should be adopted by any reasonable government determined too proffer solutions. Critics believe we don’t have such a government at the moment.
Here is a summary of his solutions;
- The years of “Africa Rising” where one tide could lift all boats are behind us: the commodity cycle has turned, and government balance sheets are stretched.
- Sustainable, inclusive growth now depends on investment – and in Nigeria’s case, policy credibility will first need to be restored.
- The role that government can play in this process is defined by: (a) implementing the FX policy it already has; (b) creating the conditions for local manufacturing to develop
More specifically, it can:
- Allow price discovery to occur in the foreign exchange market
- Close the gap between FX policy design and implementation
- Shift the focus of fiscal policy towards reducing debt-servicing costs
- Firmly and unequivocally eliminate fuel subsidies
- Raise more concessional funding from abroad
- Capitalise NBET, so that arrears can be cleared
- Protect infant industry, specifically labour-intensive manufacturing
Also find screen shots of his solutions
More on power;
You can get the full presentation below;