Emir of Kano, Muhammadu Sanusi II, has blamed recklessness and lack of planning as the reasons why Nigeria is in its current economic quagmire.
According to him, the writing was on the wall.
Emir Sanusi said if the nation’s population is growing by 10 per cent and the Gross Domestic Product (GDP) also grows at the same margin, it means there is stagnation. He added that if the GDP growth is less than the population growth, then there is a problem as it means that poverty is growing ahead of development.
“The youths should be mobilized, trained and be made to be productive. We should give premium to planning and be financially disciplined; that is like saving for the rainy day,” he said.
He added that Nigeria should not be compared to Saudi Arabia and other oil producing countries, adding that while a barrel of oil in Saudi Arabia is expected to cater for three Saudis, same barrel of oil is expected to cater for over 300 Nigerians.
He spoke on Saturday in Abuja, at the 3rd annual lecture of the Zubairiyya foundation, Abuja chapter themed: “Islamic perspective on the nation’s economic and social policy”.
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