The Emir of Kano, Sanusi Lamido Sanusi, has publicly praised President Bola Tinubu's administration for its efforts in rescuing Nigeria from the economic brink. Sanusi, a former Governor of the Central Bank of Nigeria (CBN), made these remarks at the Oxford Global Think Tank conference, convened by former Securities and Exchange Commission (SEC) boss, Arunma Oteh. According to Sanusi, the Tinubu administration has successfully laid the groundwork for Nigeria's economic stability through various reforms implemented over the past three years.
Sanusi highlighted that the reforms have yielded positive results, including a GDP growth rate of 4.48% in Q2 2026, a significant increase from the 0.9% growth recorded during the Buhari administration. Although the current growth rate is not as high as it was under the Yar'Adua/Jonathan government, Sanusi described it as progress. Additionally, he noted that inflation has decreased from 30% to 14.6%, with projections indicating it will further decline to 12.5% by the end of the year.
The Emir of Kano also pointed out that Nigeria's GDP per capita in dollar terms has increased by 47% since 2023. If this trend continues, he predicted that GDP per capita will return to its 2005 levels by the end of next year. Furthermore, Sanusi mentioned that Nigeria's reserves have reached $55 billion, largely driven by portfolio flows attracted by high oil prices and returns on investment.
Sanusi emphasized that Nigeria is making progress in diversifying its economy, with 20% of its exports now coming from the Dangote Refinery. He acknowledged that while there is still much work to be done, the current administration has laid the foundations for economic stability. Sanusi's comments were made in the context of assessing the impact of President Tinubu's economic reforms.
The Oxford Global Think Tank conference, where Sanusi made his remarks, was convened by Arunma Oteh, a former SEC boss. The conference brought together various stakeholders to discuss pressing issues affecting Nigeria and the global economy. Sanusi's speech was notable for its balanced assessment of the current economic situation and the progress made under President Tinubu's administration.
Sanusi's praise for the Tinubu administration is significant, given his experience as a former CBN Governor and his reputation as a candid and knowledgeable commentator on economic issues. His endorsement of the administration's economic policies is likely to carry weight with both policymakers and the general public.
In conclusion, Sanusi's remarks underscore the importance of continued support for President Tinubu's economic reforms. With inflation projected to decline further and economic growth on the rise, there are indications that Nigeria is moving in the right direction. The administration's efforts to diversify the economy and attract investment are crucial for sustaining this momentum and ensuring long-term economic stability.
Key points
- The Tinubu administration has implemented reforms that have led to a GDP growth rate of 4.48% in Q2 2026 and a decrease in inflation from 30% to 14.6%.
- Nigeria's reserves have reached $55 billion, driven largely by portfolio flows attracted by high oil prices and returns on investment.
- The administration's efforts to diversify the economy have yielded results, with 20% of Nigeria's exports now coming from the Dangote Refinery.
