The 16th Emir of Kano and former governor of the Central Bank of Nigeria (CBN), Muhammadu Sanusi II, has said that improving girl child education and naira stability will reduce poverty.
Nigeria has long faced problems of poverty, inflation, and economic uncertainty, although there has been some improvement recently, according to a BBC report.
Despite being a wealthy country, there are millions of citizens living in extreme poverty, where unemployment, lack of electricity, and rising prices further complicate the lives of the people.
At a forum on the future of Nigeria’s economy by 2030, organised by ‘News Central’, the 16th Emir of Kano and former governor of the Central Bank of Nigeria (CBN), Muhammadu Sanusi II, outlined some suggestions on reducing poverty in the country.
Emir Sanusi stressed that the primary step was to ensure economic balance to achieve all national development goals.
The Emir recommended ways to avoid poverty in the country, including educating girls and stabilising the naira.
Emir Sanusi stressed the importance of education, especially for girls, in combating poverty.
He explained that educating women increases family skills and reduces poverty. Muhammadu Sanusi II said that when a girl is educated, the nation is educated.
“Educated women have the opportunity to find work, run businesses, and improve family life,” he said.
Emir Sanusi stressed that the primary step in ensuring economic stability is to provide economic balance to achieve all national development goals.
‘’The main step now is to reduce inflation,” Sanusi said, adding that inequality and lack of proper regulation on the part of government and business prevent people from investing and running businesses.
He said that if the country’s economy, whether in the tax or government systems, is not balanced, there will be no change.
On the dollar price, Emir Sanusi pointed out that uncertainty in the dollar’s value is one of the country’s major economic problems, affecting everything from business to education and daily life.
He said the Central Bank of Nigeria (CBN) has already initiated steps to ensure this balance, but there is still work to be done.
“If the dollar rate is fixed, it will reduce inflation, the value of the naira will increase, and this will encourage domestic and foreign investment,” the Emir of Kano explained.
On improving government spending, Muhammadu Sanusi II stated that Nigeria has made progress in the government’s economic sector, especially in increasing revenue collection and reducing the budget deficit.
However, he pointed out that spending quality should be reviewed, especially in major projects such as roads, electricity, and other government projects.
The 16th Emir of Kano also said that the focus should be on providing low prices and ensuring access to quality electricity.
He continued that if small business owners have access to 24-hour electricity, they can grow their businesses and expand nationwide.
Emir Sanusi said that achieving progress requires patience and perseverance. He explained that his inflation target was between 6 and 9 per cent when he was the CBN governor, but it has now reached 20 per cent.
He said there is a need to review financial systems and policies to reduce poverty.
According to Emir Sanusi, ensuring a sound education system is the foundation of economic growth and reducing poverty in Nigeria.
He also emphasised that education opens doors to employment, career creation, and improving family and community life.
The Emir said monitoring government spending is also a way to avoid poverty in the country.
