The Emir of Kano, Alhaji Muhammad Sanusi, on Wednesday attributed the current economic recession in the country to inability of the past administrations to diversify the economy.
He made the remark while delivering a lecture at the ongoing 15th meetings of the Joint Planning Board and National Council on Development Planning in Kano.
He said there was urgent need for the country to return to the drawing board and expand the economy through wise investment for the economic growth and development of the country. “If we do not expand the economy through wise investment, we can end up in classical Malthusian situation.
“If this government continues to behave the way the past government behaved, we will end up where Jonathan ended.”
He said in a situation where one sits down with a telephone call to make one billion Naira without investing a single Kobo, that system is wrong and unsustainable. He lamented that in spite of the past experiences we had on our socio-economic challenges, the country was still making the same mistakes as we cannot process tomato paste.
“In a situation where we cannot process tomato. Tomato paste is being imported from China. It is sad.”he said. The title of the paper is: Nigeria In search of new growth model. (NAN).