Only a knowledge-based economy can tell the future – Sanusi

A former governor of the Central Bank of Nigeria, Alhaji Muhammad Sanusi, has pointed out that Nigeria’s future lies in a knowledge-based economy.

This was revealed at the closing ceremony of the Kaduna Investment Summit, tagged KadInvest 6.0.

Sanusi mentioned that the future lies in a knowledge-based economy, also adding that Nigeria is behind many African countries in innovation index.

Only eight of every 100 Nigerians who start primary school complete university.

“Globally, work is being redefined; 30 to 40 per cent of workers in developed economies will need to significantly upgrade their skills by 2030. And what are the major drivers of this redefinition? ICT and remote working, which we have seen even here with COVID-19.

There is increased automation and artificial intelligence. Very soon, robot will take over work in most countries and those who would have job are those who operate the robots, manufacture the robots or service the robots.”

He stated that Nigeria can not continue depending on revenue from oil as the world economy is slowing moving away from oil into alternative energy sources.

“A few months ago, Germany was able to produce enough renewable energy for the entire country’s need. Today, we are having difficulties selling Nigerian oil. So, not only are we having problems producing, even when we produce, the market is not there.