Former Governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, has urged a cultural re-orientation to make Nigerians patronise locally-made products to grow the economy.
Speaking at the Nigerian Bar Association Section on Business Law (NBA-SBL) 18th yearly conference recently held in Abuja, the Emir of Kano said cultural change is crucial for improved economic development.
Represented by Suleiman Barau, Sanusi said: “We need to change our culture of patronising foreign products, and patronise local producers.”
He noted that unless Nigeria’s exports outgrow imports, the balance of payment would remain negative, which is not healthy for the nation’s economy.
Sanusi suggested legislation that would enable the country to diversify its revenue sources and also enable Nigerians to find alternative sources of doing business.
Also speaking, the CEO of the Nigerian Economic Summit Group (NESG), Dr Tayo Aduloju, said subnationals must sit with the Federal Government to unlock the wealth of the country.
Emphasising the theme of the conference, “Survive and Thrive”, he said revenue generation and transparency must go hand in hand.
Aduloju said positive economic diversification is the only way to unlock Nigeria’s economic potential, adding that “a higher level of thinking is needed to allow us to solve problems.”
In his opinion, Nigeria requires a more comprehensive legal framework to curb corruption as a catalyst to freeing more government funds that should be channelled towards production and economic revitalisation.
The day’s session also witnessed a discussion on “Reviving the Nigerian Economy: The Capital Markets to the Rescue?”
Speakers on the panel included Ms Ummahani Amin, Ms Mabel Okereke, Ms Abiola Adekoya, Ms Frana Chukwuogor, with Ms Olubukola Olabiyi as moderator.
Some spoke on the need for risk and cost-effectiveness in doing business, while others urged Nigerians to grow the country’s export potential.
Earlier, the Presidency tasked legal professionals to leverage various legislations on the ease of doing business to enhance economic growth.
The Special Adviser to President Bola Tinubu on the Ease of Doing Business, Jumoke Oduwole, gave the charge at the commencement of the Section.
Oduwole, who emphasised the administration’s commitment to improving Nigeria’s business climate, highlighted the ongoing regulatory and subnational reforms aimed at creating a conducive environment for businesses.
She listed the initiatives and legislations to include the President’s eight-point agenda; the omnibus bill; discussions with the National Assembly Round Table; the Business Facilitation Act and the first Executive Order:
