Commenting on the economic situation of the country, Lamido Sanusi (photo) estimated that it was “a mistake on the part of the government of not devaluing the naira in the current challenging context”.

Adebayo Adelabu, one of the vice-governors of the Nigeria Central Bank, replied to Lamido Sanusi, ex-boss of this institution and current president of the Blackrhino group: “Thanks for the advice, but devaluing the naira is not on the order of the day” he declared.

Lamido Sanusi also blames the ongoing subsidies of the retail price for fuel. “It is wrong to think that we can continue to subsidise fuel, it is wrong to think we can maintain the naira at a certain level, while oil prices are plunging”, he informed.

The response from the Central Bank came during a press conference. “Our position on the matter is known. It is now clear that we have missed out on profiting from the oil boom which occurred between 2009 and 2014 to diversify our economy. We do not have to take lessons from anybody, we do not need anybody to tell us what we have to do” Mr. Adebayo retorted.

Based on the latter’s point of the view, Nigeria could work at turning the tables on its situation, by focalising on activities such as agriculture and mining. He also estimates that revitalising the local production could be an asset, and that every Nigeria should play their part, by reducing as much as possible their consumption of imported products.