Hence, over dependence on oil which is susceptible to shocks in the international market and disproportionate reliance on primary end of markets both in agriculture and extractive sectors, without any meaningful value addition to ever result in commensurate employment creation and income redistribution. He therefore decried the imbalance in the Nigerian economy whereby the rich in the society concentrate on oil due to attractive revenue while agriculture with its meagre revenue is consigned to the poor and subsistence farmers.
Sanusi who was the guest lecturer at 8th Convocation Lecture of the Igbinedion University, Okada, Edo State at the weekend further identified other challenges retarding of Nigeria’s growth as infrastructure gap, poor institutions and corporate governance, corruption and low quality education due to inadequate funding and irrelevance of curricula to industrial needs.
Speaking on the challenges of economic development, Sanusi identified poor investment climate which has made the economy uncompetitive and ‘Dutch Disease’ factor which has led to the concentration on the oil sector to the detriment of the real sector since 1970s.
The CBN governor however noted that despite all the challenges plaguing the development process in Nigeria, there are a lot prospects for the economy to achieve steady growth towards the attainment of Vision 20:2020.
According to him, this can only be achieved if the right policies are articulated for medium to long term and the seriousness with which they are implemented.
He said for Nigeria to consolidate on the gains recorded in the last few years, it must deepen the reforms that improve human capital, promote high quality public infrastructure and encourage competition. He said the pillars to sustain this consolidation must include a firm fiscal policy, transparent fiscal operation, development oriented monetary and exchange rate policies, strengthening of the financial sector, strict adherence to the rule of law, respect for sanctity of contract and commitment to fighting corruption and corrupt practices.
