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Sanusi Urges Private Investment to Drive Nigeria’s Economic Growth at UNGA
Former Central Bank of Nigeria Governor Muhammadu Sanusi has called for greater private capital investment to help transform Nigeria’s struggling economy, warning that reliance on government spending alone will not deliver growth.....KINDLY READ THE FULL STORY HERE▶
Speaking on the sidelines of the United Nations General Assembly this week, Sanusi urged global investors to look beyond Nigeria’s challenges and focus on opportunities in agriculture, energy, and infrastructure. He said Nigeria’s large population and young workforce make it a strong destination for long-term investment.
“We cannot depend only on government budgets,” Sanusi said. “Private capital is essential if Nigeria wants to achieve real transformation. Investors should see Nigeria not only for its risks but for its potential.”
Nigeria, Africa’s most populous country, has faced rising inflation, weak currency performance, and unemployment. The naira has dropped sharply this year as the government struggles to stabilize foreign exchange markets. President Bola Tinubu has launched economic reforms, including ending fuel subsidies and easing restrictions on foreign exchange. While these moves have been praised by international lenders, they have also triggered public anger over higher prices.
Sanusi, who also served as Emir of Kano, said private investment could help ease some of these pressures. He argued that Nigeria needs more financing for renewable energy, food production, and technology to create jobs and reduce dependence on imports.
He pointed to sectors where Nigeria already shows promise, such as fintech and entertainment, which have attracted international attention in recent years. “With the right policies, we can repeat this success in other parts of the economy,” Sanusi said.
Nigeria’s leaders have often promised to attract foreign investors, but many businesses remain cautious due to insecurity, weak infrastructure, and regulatory uncertainty. Sanusi acknowledged these concerns but insisted they should not stop long-term investors. “No country is without risk,” he said. “The question is whether the opportunities outweigh the challenges. In Nigeria, they do.”
The call comes at a time when African nations are pressing for fairer treatment in global finance. Leaders at the UN General Assembly have pushed for reforms to international lending systems that often leave developing countries in heavy debt. Sanusi said private capital, if properly directed, could reduce the reliance on external loans.
Analysts note that Nigeria’s government must still play a role in creating a stable environment. Clear rules, anti-corruption efforts, and investment in public infrastructure remain critical. Without these steps, attracting the scale of private capital Sanusi envisions will be difficult.
Still, his message aligns with a growing push for African economies to shift from aid and debt toward investment and trade. “Nigeria should not be waiting for donors,” Sanusi said. “We need to create the space for investors to come in, build industries, and provide jobs.”
Nigeria has more than 200 million people, half of them under 18, making it one of the youngest populations in the world. Economists warn that without rapid job creation, social pressures could intensify. Sanusi argued that private capital is the fastest way to generate opportunities at scale.
The former central banker remains an influential voice in Nigeria’s economic debates. Though he no longer holds public office, his interventions often shape discussions on policy and reform. His latest call is likely to add pressure on Nigeria’s leaders to strengthen investor confidence.
For now, global markets are watching how Tinubu’s reforms unfold. If Nigeria can stabilize its economy and improve the investment climate, Sanusi’s vision of private capital leading transformation may become a reality.
The Federal Government has released an updated list of items banned from importation into Nigeria, in a move aimed at protecting local industries and reducing pressure on foreign exchange.....KINDLY READ THE FULL STORY HERE▶
The revised prohibition schedule, dated April 1, 2026, outlines 17 broad categories of goods that are no longer allowed into the country through any entry point.
According to the Federal Ministry of Finance, the policy affects a wide range of products, including food items, pharmaceuticals, household goods, and industrial materials.
One of the most notable aspects of the list is the ban on several widely used medicines under specified HS codes, including paracetamol, metronidazole, cotrimoxazole, chloroquine, aspirin, folic acid, and some vitamin supplements. The government says these are now to be produced locally.
The restriction also covers pharmaceutical waste, which remains completely prohibited.
In the agriculture and food sector, the importation of poultry, pork, beef, and eggs remains banned, although an exception was made for hatching eggs used for breeding and research purposes.
Retail-packaged vegetable oils, sugar products, cocoa derivatives, tomato paste, and certain bottled water products are also included in the import restrictions, with emphasis on encouraging local production.
The policy further bars detergents, soaps, ballpoint pens and refills, cement, certain fertilizers, packaging materials, and specific steel and glass products.
The Nigeria Customs Service has been directed to enforce the new rules strictly, with importers and businesses advised to comply fully to avoid seizure of goods and penalties.
ADC chieftain and publisher, Dele Momodu, has dismissed calls for former Vice President Atiku Abubakar to withdraw from the 2027 presidential race, describing the push as unfair and politically motivated.....KINDLY READ THE FULL STORY HERE▶
Momodu was reacting to comments by activist Zekeri Idris Jnr, a supporter of Peter Obi, who urged Atiku to step aside over concerns about his age, which would be about 80 by 2027.
In a post on his X handle on Saturday, Momodu said attention should be focused on holding the government accountable rather than targeting Atiku’s political ambition.
The exchange followed a viral video where Idris insisted that Atiku should support younger aspirants instead of contesting, arguing that voters would not back an elderly candidate.
Idris also suggested that Atiku should act as a statesman and support younger politicians such as Rabiu Musa Kwankwaso and others.
Responding, Momodu cited several world leaders who held office at advanced ages, arguing that experience should not be dismissed in leadership discussions.
He questioned what should disqualify Atiku from contesting, insisting that age alone is not a valid reason.
Atiku, who lost the 2023 presidential election to President Bola Tinubu, is reportedly considering another run in 2027 under the African Democratic Congress (ADC).
A traditional ruler, Oba Salman Aweda, alongside his wife and another resident, has been kidnapped by armed men during a midnight attack on Olayinka community in Ifelodun Local Government Area of Kwara State.....KINDLY READ THE FULL STORY HERE▶
It was gathered that the attackers invaded the monarch’s palace around 1:40 a.m. on Saturday, firing shots into the air to scare residents before abducting the victims and taking them to an unknown location.
A resident confirmed the incident, saying it has thrown the community into fear and confusion, especially as the monarch was recently installed and officially recognised by the state government.
According to the source, the attackers took the monarch, his wife, and one other person during the raid.
The Chairman of Ifelodun LGA, Abdulrasheed Yusuf, who visited the community, described the incident as troubling and assured that efforts were underway to secure the release of the victims.
He said a joint operation involving security agencies, local vigilantes, and forest guards had already been launched across nearby forests and surrounding communities.
Yusuf appealed for calm, urging residents to support security operatives with useful information that could aid rescue efforts and help restore peace to the area.
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