The Emir of Kano, His Highness Sanusi Lamido Sanusi, has commended President Bola Ahmed Tinubu’s economic reforms, saying they have brought Nigeria back from the brink and laid foundations for stability.
The former Governor of the Central Bank of Nigeria spoke at the Oxford Global Think Tank conference, where he assessed the administration’s economic performance since 2023.
According to Emir Sanusi, the country’s Gross Domestic Product (GDP) growth in Q2 2026 stood at 4.48 percent. While noting that it was not as high as during the Yar’Adua/Jonathan years, he said it represents significant progress compared to the 0.9 percent average growth recorded under the Buhari administration.
He also cited the drop in inflation from 30 percent to 14.6 percent, with a projection of 12.5 percent by the end of the year. The Emir further disclosed that GDP per capita in dollar terms has risen by 47 percent since 2023, adding that if the current trajectory is sustained, it will return to 2005 levels by the end of next year.
On external reserves, Sanusi said Nigeria’s reserves currently stand at $55 billion. He acknowledged that much of the inflow is driven by portfolio flows which are volatile, but noted that the country has benefited from high oil prices occasioned by the war in the Strait of Hormuz and attractive returns for investors.
He pointed to progress in economic diversification, revealing that 20 percent of Nigeria’s exports now come from the Dangote Refinery. This, he said, shows clear foundations are being laid for long-term stability, even though it is only the first step.
The Emir concluded that while he is not a fan of politicians, credit must be given to President Tinubu’s administration for its efforts. “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.
