Emir Sanusi: Nigeria Under-Financed, Not Over-Borrowed

Emir Muhammadu Sanusi II, the former Emir of Kano, stated that Africa, particularly Nigeria, is not over-borrowed but under-financed. In response, 'Tope Fasua argues for the necessity of global financial investment in Nigeria, especially following the removal of fuel subsidies by the federal government.

Fasua points out that despite Nigeria's significant potential, including a large population and abundant natural resources, the country has not received substantial investment from major financial entities. He notes that Africa holds only 1.8% of global debt, which totals $111 trillion, while Nigeria's federal government carries 93% of the nation's debt.

Fasua emphasizes that the narrative of Nigeria being over-borrowed is misleading and that the country has not yet fully engaged with the global financial market. He calls for a shift in perspective to recognize Nigeria's potential for growth and the need for substantial project financing.