The Emir of Kano, Muhammadu Sanusi II, has commended President Bola Tinubu’s administration for what he described as progress in stabilising Nigeria’s economy, citing improvements in economic growth, inflation, foreign reserves and export diversification.
Sanusi, however, said the country still faced significant economic challenges despite the gains recorded since the administration assumed office in 2023.
The former Governor of the Central Bank of Nigeria spoke on Tuesday at the Oxford Global Think Tank conference convened by Arunma Oteh.
“I’m not a fan of politicians, but we need to give credit to President Tinubu’s administration for bringing us back from the brink,” he said.
Assessing the country’s economic performance, Sanusi said Nigeria recorded a 4.48 per cent Gross Domestic Product growth in the second quarter of 2026, describing it as an improvement compared with the average growth recorded during the administration of former President Muhammadu Buhari.
He noted that although the current growth rate remained below the levels achieved under the administrations of former Presidents Umaru Musa Yar’Adua and Goodluck Jonathan, it represented progress compared with the 0.9 per cent average recorded during the Buhari years.
“GDP in Q2 2026 was at 4.48 per cent. It’s not as high as it was under the Yar’Adua/Jonathan government, but during the Buhari years, the economy grew by 0.9 per cent. Today it’s at 4.5 per cent. That’s progress,” he said.
The Kano monarch also highlighted the decline in inflation from about 30 per cent to 14.6 per cent, expressing optimism that the rate could fall further to 12.5 per cent by the end of the year.
On living standards and economic output, Sanusi said Nigeria’s GDP per capita, measured in dollar terms, had increased by 47 per cent since 2023.
He projected that sustaining the current growth trajectory could return the country’s GDP per capita to its 2005 level by the end of 2027.
“If we continue at this rate, by the end of next year, GDP per capita will be back to where it was in 2005,” he said.
Sanusi also put Nigeria’s foreign reserves at $55bn but warned that a considerable portion of the inflows was driven by foreign portfolio investments, which he described as volatile.
“Our reserves are at $55 billion, and yes, a lot of it is driven by portfolio flows, which are volatile,” he said.
He attributed the continued inflow of foreign investments partly to elevated oil prices amid the conflict in the Strait of Hormuz and attractive returns available to investors in the Nigerian market.
On efforts to diversify the economy, the former CBN governor identified the Dangote refinery as an important contributor to the country’s export performance.
He said about 20 per cent of Nigeria’s exports were coming from the refinery, describing the development as evidence of progress in reducing the country’s dependence on traditional export sources.
“There are clearly foundations being laid for stability. It’s not the end, but the first step towards stability,” he added.
Despite acknowledging the economic improvements, Sanusi criticised the Tinubu administration’s communication strategy, accusing the government of treating criticism and constructive suggestions as attacks.
“This government doesn’t express itself properly. It sees every suggestion and contribution it does not like as an attack, and it doesn’t have good spokespersons,” he said.
He maintained that while the administration still had considerable work to do, its economic achievements so far deserved recognition.
