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, the News Agency of Nigeria (NAN) reports.
He made the remark while delivering a lecture on “Nigeria in search of new growth model,” at the ongoing 15th meeting of the Joint Planning Board and National Council on Development Planning in Kano.
He said there was an 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.
He said in a situation, where one sat with a telephone call and made one billion Naira without investing a single Kobo, that system was 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.
“In a situation, where we cannot process tomato and tomato paste is being imported from China is sad,” he said.