A former governor of the Central Bank of Nigeria, Alhaji Muhammad Sanusi, has said that Nigeria’s future lies in a knowledge-based economy.
This, he disclosed at the closing ceremony of the Kaduna Investment Summit, tagged KadInvest 6.0, according to Daily Trust.
What the former CBN governor said
Sanusi said the future lies in a knowledge-based economy, adding that Nigeria is behind many African countries in innovation index.
“Only eight of every 100 Nigerians who start primary school complete university.
Read: How Sanusi and I stabilised the naira during our time in the CBN – Moghalu
“Globally, work is being redefined; 30 to 40 per cent of workers in developed economies will need to significantly upgrade their skills by 2030. And what are the major drivers of this redefinition? ICT and remote working, which we have seen even here with COVID-19.
“There is increased automation and artificial intelligence. Very soon, robot will take over work in most countries and those who would have job are those who operate the robots, manufacture the robots or service the robots.”
He stated that Nigeria can not continue depending on revenue from oil as the world economy is slowing moving away from oil into alternative energy sources.
Read: Fitch claims until 2028 before Nigeria exits damage caused by Buharinomics
“A few months ago, Germany was able to produce enough renewable energy for the entire country’s need. Today, we are having difficulties selling Nigerian oil. So, not only are we having problems producing, even when we produce, the market is not there.
“So, this is forcing a change, and for us a country that depends on oil, things need to change.”
He, however, stressed the need for skill creation for the young people which will create enabling environment for economic growth and development.
Read: Sanusi declares Nigeria under Buhari a Bankrupt Nation
“Data is one of the most crucial support that can be given to entrepreneurs for innovation,” he said.
While calling on government to encourage market access, he said, “If Kaduna state government continues with its e-government plan, it will be a big market itself and it will encourage investment which are all knowledge economy aspiration and a shift in government spending to match the priority.”
In case you missed it
Kingsley Moghalu, a former Deputy Governor of the Central Bank of Nigeria, described how the apex bank managed to keep the naira stable against the dollar for years under the leadership of Sanusi.
