EMIR OF KANO AND FORMER GOVERNOR, CENTRAL BANK OF NIGERIA, SANUSI LAMIDO SANUSI (SLS), ON THE STATE OF NIGERIA'S ECONOMY - 23rd Oct 2015 in SOUTH AFRICA

Highlights of SLS's Speech:

• 'I am happy that we have a cabinet (now), because I think this was part of the problem.'

• 'If we have to make a choice between real economic growth and devaluation, my recommendation is that we protect economic growth. Devalue.'

• 'Tight monetary policies need to be loosened. It is time to lower interest rates to avoid compounding an exchange rate crisis for businesses, with high borrowing costs and a declining demand.'

• 'A friend tells Govt when it is wrong, it is wrong to continue with fuel subsidies.'

• 'I believe a retired General would be more suitable to solve the challenges of insecurity and corruption, but he needs help on the economy.'

• 'We cannot spend all our time looking at the past, it is time to look at what we are doing now.'

• 'If we continue on the trajectory with a weak Govt balance sheet, tight monetary policy in the face of falling oil prices we are setting the economy up for a long period of very low growth, and we cannot afford that considering our population and growth rates.'

• 'We have seen 1% - 2% GDP growth rates before, but since the reforms of 2002/03 we have been lucky to have a GDP growth rate of 5% - 7%.'

• 'If we go back to an era of 1% - 2% GDP growth rates it's gong to be difficult to get back. Investors will leave this country and go to other countries, they're not going to wait for you.'

• 'We (Nigeria) are not the only game in town.'

• 'I do hope that people will know that loyalty is about telling your boss the truth. I do hope that people will remember that ultimately if you are part of an administration and do not speak when you should, then you have forever forfeited your right to speak.'

• 'I speak as a friend who wants this Govt to succeed. I speak as a friend who has a stake in the success of this administration, having fought hard and having made sacrifices to change what I thought needed to be changed.'

• 'The only thing we can do is to actually help those who are there to achieve the change that we need. Thank you.'