Mohammed Shosanya
The current Emir of Kano, Sanusi Lamido Sanusi,says oil alone cannot secure the desired future for Nigerians in the face of economic challenges.
He told Nigerian leaders that only a diversified economy can give unborn generations in the country desired hope.
He noted that while the country had over the years relied heavily on oil as a major source of revenue, the country can only fully benefit from oil when technology and skill to improve the value chain are optimally harnessed utilised.
He spoke while delivering a paper as the guest speaker at the day-two of the 2024 Rivers State Economic and Investment Summit, RSEIS, held at the Obi Wali International Conference Centre in Port Harcourt, Rivers state on Thursday.
He said: “River State is blessed with abundant oil resources, a gift that has significantly contributed to the economy of Nigeria as a whole. However, sitting on oil or any natural resource is not enough for economic development.
“I have said over and over again that if we were to dig out all the oil that is under Nigeria’s soil today and sell it and share the money among all Nigerians, we would, at best, be a lower-middle-income country. So, oil is a resource, but it’s not enough to make us a wealthy country.
To achieve development,he said,it’s mperative that Nigeria recognises the need to take specific steps that transcend natural resources to diversify and institutionalize foundational economic frameworks to fully reap the blessings of oil itself, chiefly because it is not wholly controlled by the state.
“There’s a need to consider its viability and risks. To ensure a prosperous future, we must embrace innovation and reforms to make the state attractive for investment and capable of realistic growth. In other words, it is the capacity of state institutions to ensure quality in thinking and skills of the population that will be critical to the delivery of results.”
Speaking further, the Emir warned, “resources can be a blessing, and resources can be a curse despite having an abundance of mineral resources, countries like Russia, the UAE and Norway have developed not only by those resources given to them by nature or providence but by successful and deliberate vision to diversify through the quality of their governance institutions and people.
“If we’re serious about development, we have to stop expecting oil to do everything for us.”
The monarch stated that the nation’s economy can witness a boom if the investment and infrastructure put in place are well secured.
“Everyone in Nigeria now talks about investment, infrastructure, and development, but few consider that no investors would simply deploy resources in the name of investment unless they see that the environment is prepared to accommodate their business, make it prosper, and protect it,” adding that the development of countries such as the United States and China, owe to innovation, intellectual property, education and strong public institutions.”
According to him, Rivers State being the second largest economy in Nigeria, “has a unique opportunity to emerge as a beacon of progress in the face of hopelessness. It has the opportunity to operationalise the ideals of the concept of sub- nationalism in a federal context by building a resilient, dynamic, modern and effective system that fosters economic development and prosperity.
“With rich arable land, abundant oil and water resources, as well as the strategic location of the state, Rivers can be one of the best investor paradises not just in Nigeria but in West Africa if the right things can be done.”
Sanusi expressed appreciation to the state governor, Siminalayi Fubara, for the invitation, saying that the state government must prioritise design education and inculcate skills in youths to improve its oil-based economy.
“However, honour begets honuor, and I regard your invitation, Your Excellency, as an absolute honour, which is why I’m here.
“Also, honouring Rivers State is, for me, honouring one of my best friends, Herbert Wigwe. And this is another way of paying my respects to him, and today of all days, I wish he were here with me,” Sanusi added.
