Former governor of CBN, Muhammadu Sanusi II says that Nigeria has not made any progress in 40 years

Former Emir of Kano and ex-governor of Central Bank of Nigeria (CBN), Muhammadu Sanusi II, has said Nigeria has not made any progress economically in the last 40 years.

The former CBN bank said this while speaking at a symposium organised in Kaduna on Saturday, 14th of August, 2021, to celebrate his 60th birthday.

Speaking at the symposium, he said;

“Calling me controversial or calling me an enemy or critic, will not make those facts go away. So, anywhere we go, we must face these facts. Am I happy about it on my 60th birthday? No. Because, 60 years ago when I was born, the United States government advisory was telling investors that Nigeria has a better economic future than Japan. Today, where are we and where is Japan?
It is not about one or two governments, it is about decades of a people throwing away opportunities and every time we are given a chance to make a change, we go back to the same old things.

And you know, when I have a platform like these, I have to talk. I have tried not to say much not because there is nothing to say or because I am afraid of speaking. The reason I have not spoken much in the last two years is because I don’t even have to say anything anymore, because all the things we were warning about have come.
In 1980, Nigeria’s GDP per capital on purchasing power parity basis was $2,180. In 2014, it appreciated by 50 per cent to $3,099.

According to the World Bank, where were we in 2019? $2,229. At this rate in the next two years in terms of purchasing power parity, the average income of a Nigerian would have gone back to what it was in 1980 under Shehu Shagari. That means, in 40 years, no progress, we made zero progress; 40 years wasted.
Between 2014 and 2019, on the basis of this index of the purchasing power of the average income of an average Nigerian, we have wiped out all the progress made in 35 years. We have a responsibility as a people to rise and improve the lives of the people of this country.
It is no longer about government, political parties, traditional rulers, Emirs. The days are gone of saying one class of people whether they are Emirs or civil servants cannot talk.”

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