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Nigeria: Sanusi attributes Nigeria’s woes to corruption

Governor of Central Bank of Nigeria (CBN), Malam Sanusi Lamido Sanusi, says Nigeria woes are caused by corruption, and unless the Federal Government replicates the ongoing reforms in the banking industry in other sectors, the country’s economic potential may not be fully tapped.

He described the reforms as potent tools for fighting corruption and eradicating its effects on the economy and the polity.

In a paper titled: “Sustaining the War Against Corruption – The role of youth” at the 151st Founder’s Day Distinguished Lecture” of Kings College, Lagos on Monday, Sanusi, an old boy of the school, said corruption has stunted economic growth and development in Nigeria.

Sanusi said: “The revelations from the ongoing banking reforms, the Siemens’ contract scandal, the Halliburton saga, corporate governance abuses such as in Cadbury, the Nigerian stock market, among numerous others, point to the grave damage this cancer has inflicted on our collective goals and aspirations and until we decide to transform the whole aspect of the economy and confront these issues, we will not realise our potential.