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.”
The former Central Bank of Nigeria (CBN) Governor said in a situation where someone makes one billion Naira through telephone calls without investing a single Kobo, was a misdirected and unsustainable system.
He lamented that in spite of the past experiences the country had witnessed in terms of socio-economic challenges, the country was still making the same mistakes as not being able to produce tomato paste.
“In a situation where we cannot produce tomato paste which is being imported from China is sad”, he said. The Emir spoke on the pare titled: “Nigeria In search of new growth model”