In a recent trailer for an interview with Arise TV’s Rufai Oseni, former Central Bank of Nigeria (CBN) governor, Sanusi Lamido Sanusi, has launched a scathing critique against the All Progressives Congress (APC)-led government, alleging that their policies have pushed Nigeria’s economy back by 40 years.
Sanusi expressed profound dismay over what he perceives as the obliteration of the nation’s economic progress achieved over the course of 35 years. He underscored these concerns by referencing Nigeria’s Gross Domestic Product (GDP) per capita on a Purchasing Power Parity (PPP) basis from 1980 to 2023. According to his analysis, the economic strides made between 1980 and 2014 were effectively erased between 2014 and 2019.
Drawing on data from the World Bank’s development indicators, Sanusi cited that Nigeria’s GDP per capita stood at approximately $2,180 in 1980. By 2014, this figure had risen to $3,099, marking a substantial 50% increase. However, by 2019, the GDP per capita had plummeted to $2,229. If this trend persists, he contended, Nigeria’s per capita GDP would regress to the same level as it was in 1980 by 2023, signifying a colossal setback of four decades.
This is not the first instance in which the former Emir of Kano has publicly criticized the APC-led federal government for its alleged role in Nigeria’s economic challenges. In a recent virtual religious event, Sanusi lamented the administration of former President Muhammadu Buhari for disregarding his advice on how to propel the country forward. He emphasized that, during the previous eight years, the government had predominantly relied on accumulating debt to fund various initiatives, a policy he vehemently criticized as unsustainable for any nation.
Sanusi’s comments underscore the ongoing debate about Nigeria’s economic trajectory, with prominent figures like him offering divergent perspectives on the nation’s economic health and the consequences of government policies.
