FG’s tough decisions only way to rescue 10-year mismanaged economy- Sanusi

Aformer Governor of the Central Bank of Nigeria (CBN) Muhammadu Sanusi II, has applauded the Federal Government for taking tough decisions, saying it is the only way to rescue the country’s 10-year mismanaged economy.

Delivering his keynote speech at the second day of the Rivers State Economic and Investment Summit in Port Harcourt, Sanusi said the reform of any economy required taking difficult decisions.

He said such decisions might be painful and unpopular but were necessary to save the future of those experiencing the temporary hardship.

Sanusi said politicians interested in reflections were always fond of running away from taking such difficult decisions and called on Nigerians to be realistic about their expectations.

Insisting that there was no other way to salvage a decade of mismanaged economy apart from taking tough decisions, the former CBN boss advised the citizens to wait a little while to see the turnaround of the economy.

Sanusi said: “At this momentum in our history when the country is desperate to chart a new course in economic thinking opting for a paradigm shift that seeks to harness our vast potential and propel us towards sustainable growth and prosperity, the decision to centre government around economic development and investment promotion is a very thoughtful and brave decision by the government of Rivers State.

“This is more so because the reform of an economy whether of a state or a federation at large requires difficult decisions. It involves policies that may be painful and unpopular which don’t usually go down well with politicians who need a reelection.

“But that is the only way to guarantee a better future for same people it will be hard upon. And at this point it is important for us as Nigerians to be realistic. The mismanagement of the last ten years will not be undone in six months or one year.

“And we need to understand that some of the difficult decisions that are taken will take time to work through the economy. It will take a little while for us to see a turnaround. But those decisions are absolutely necessary in order to save the economy.

“We always knew we have to go through this process if we did not change course. And we have seen this movie in Zimbabwe. We have seen it in Venezuela.