Economy

Nigerian economy on the verge of collapse, Sanusi raises the alarm

A former Governor of the Central Bank (CBN) and immediate past Emir of Kano, Muhammad Sanusi, has raised the alarm that the Nigerian economy is about to collapse totally, saying the goose laying the ‘golden egg’ for Nigeria is about to die.

The emir who spoke at the closing of the Kaduna Investment Summit tagged, “KadInvest 6.0,” Friday said, that, aside the fact that Nigeria was having difficulties in oil production; the product was being rejected in the global market, as there was no future in carbon.

The former CBN Governor who pointed out that the future lied in a knowledge based economy, which is the theme of the Summit, however, lamented that Nigeria was behind many African countries in innovation index ranking 114th globally.

Noting that Ghana with a smaller economy had invested more in education, he lamented that Nigeria spent only seven per cent of its budget in that direction.

According to him, “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 robot.”

Meanwhile, Kaduna State government had said that it would be introducing ICT skills in vocational institutes and also in primary and secondary school across the state.

Governor Nasir El-Rufai in an interview at the Summit said his administration believed that the future of job in the world would be digital.

 

 

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