As Nigerians continue to suffer the effect of the crash of global oil prices which in effect led to the record-setting devaluation of the Naira against the Dollar, a video from 2011 featuring then Central Bank of Nigeria Governor Sanusi Lamido Sanusi (now Emir Muhammadu Sanusi II of Kano) predicting Nigeria’s present economic crisis.
Sanusi was at a high profile event organized by the Newspaper Proprietors’ Association of Nigeria (NPAN). Other panelists at the event included Coordinating Minister For the Economy and Minister of Finance – Ngozi Okonjo-Iweala and Minister of Petroleum Resources/OPEC President – Diezani Alison-Madueke.
The main point of Sanusi’s speech was making a case for the removal of oil subsidies.
A newspaper report which was issued in 2011 summarizes his points;
From Governor of Central Bank of Nigeria (CBN) Sanusi Lamido Sanusi, came a warning yesterday that Nigeria is heading for serious economic crisis. His warning followed his disclosure that the country lost $16 billion to subsidies this year (2011).
Sanusi said as a result, Nigeria’s foreign reserves had been depleted such that serious economic crisis would befall the nation if the oil prices crash continues in the international market. He said that withdrawal of subsidy on fuel would stave off the crisis.
Direct Quote from Sanusi;
“We don’t have that shock absorber today. If the oil prices crashes again by 30/40%, if the Naira goes to 200Naira to the Dollar, when you can no longer pay salaries, when inflation goes to 18% because we have printed money..then we will know what a crisis is! ” he said.
You can watch the video below.
The referenced section begins from 7:44.
Unfortunately, these predictions have come to pass. With massive layoffs looming in various sectors as well as general economic slowdown due to the risen dollar especially given Nigeria’s import heavy economic model.