Former Emir of Kano, Muhammadu Sanusi ll, says Nigeria has lost its primacy as the Giant of Africa to other countries that diversified their economies.

Former Emir Muhammadu Sanusi said Nigeria is now behind many other African countries in development indices.

The Former Governor of the Central Bank of Nigeria said this at the closing session of the Kaduna Investment Summit, tagged, ‘KadInvest 6.0.’

CBN former Governor said while Nigeria depend on crude oil, which is fast depleting and struggling to sell, the rest of the world was embracing technology.

“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 have jobs are those who operate the robots or manufacture the robots or service the robots.

“For us in Nigeria, the enclave economy that we have, the so called goose that lays the golden egg is about to die. There will be no eggs. The future is not in the carbons.

“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 to produce, 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.

“Nigeria is ranked 114th in the global innovation index. We are lower than other African countries such as Kanya, Rwanda and Senegal. We are, in fact, ranked 14th in sub-saharan Africa. I think we should have this reality check and know where we are as a country. Let’s stop calling ourselves the Giant of Africa, because we are the giant with clay feet.

“Countries like Kenya, Rwanda and Senegal are ahead of us. I am not even talking about South Africa. Our expenditure on education is only seven per cent of the budget. We are spending less on education than Ghana; I am not talking about as per percentage of the budget; in absolute terms, even though the Ghanaian economy is much smaller than the Nigerian economy, even though the Ghanaian government revenue is less than Nigerian revenue, Ghana is spending more on education than Nigeria.

“And we are surprised that industries are moving to Ghana. We are surprised that the Ghanaian President has become the leading President in Africa? We are not investing in education and human capital.
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By the time finishes, Nigeria will not be mentioned in same sentence with giant.

Work of Buhari and his greedy cabal.

Nigeria is only the giant for having an unproductive unproduction in Africa

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The irony of life a giant can later turn to an ant oo.. That's just the case of this country.. We are the ant of Africa... Giant with no 24/7 power supply, no infrastructure, policy makers and nit educated about the job offered to them.. Where contract job is termed employment. Shame on this jungle right now... Even countries that gained their independence after us are doing fine whereas ours is going for the worst.