Sanusi gives Tinubu credit for economic recovery, but says challenges remain
- Emir of Kano Muhammadu Sanusi II says President Tinubu's reforms have pulled Nigeria back from the brink.
- He cited 4.48 per cent growth in Q2 2026, inflation down to 14.6 per cent and $55bn in reserves.
- Sanusi also criticised the government's communication, saying it treats suggestions as attacks.
The Emir of Kano, Muhammadu Sanusi II, has said President Bola Tinubu's administration deserves recognition for steering Nigeria away from economic collapse, pointing to faster growth, lower inflation and stronger reserves.
Sanusi, a former Governor of the Central Bank of Nigeria (CBN), spoke on Tuesday at the Oxford Global Think Tank conference, which was convened by Arunma Oteh, a former head of the Securities and Exchange Commission.
He said he is no fan of politicians, but argued the administration should get its due. "We need to give credit to President Tinubu's administration for bringing us back from the brink," he said.
The numbers he cited
Sanusi said the economy grew by 4.48 per cent in the second quarter of 2026, compared with about 0.9 per cent average growth during the Buhari years. He noted it is still below the pace recorded under the Yar'Adua and Jonathan governments.
Inflation, he said, has fallen from roughly 30 per cent to 14.6 per cent and is projected to reach 12.5 per cent by the end of the year.
He also put foreign reserves at $55bn and said GDP per capita in dollar terms has risen by 47 per cent since 2023. If growth holds, he said, GDP per capita could return to its 2005 level by the end of next year.
For ordinary Nigerians, those figures matter because slower price rises ease the cost of food, transport and fuel, while growth can mean more jobs. But Sanusi was careful not to declare victory.
He warned that much of the reserve inflow comes from foreign portfolio investors, money that can leave quickly. He linked part of the inflow to high oil prices during the conflict in the Strait of Hormuz and to attractive returns for investors.
On diversification, he said about 20 per cent of Nigeria's exports now come from the Dangote refinery, a shift away from reliance on crude oil alone.
A swipe at government messaging
Even while praising the reforms, Sanusi criticised how the government communicates. He said it treats criticism and suggestions it dislikes as attacks, and that it lacks strong spokespersons.
He described the gains so far as a beginning rather than an endpoint. "There are clearly foundations being laid for stability," he said, adding that it is "not the end, but the first step."
The remarks put a prominent traditional ruler and former central banker behind the government's economic record, even as he pressed it to listen more and talk better.
