The Emir of Kano, Muhammadu Sanusi II, has expressed support for the economic reforms implemented under President Bola Tinubu’s administration, praising the Central Bank of Nigeria (CBN) for policies aimed at restoring stability to the economy.
Speaking on Nigeria’s economic situation, the former CBN governor said the apex bank had taken significant steps over the past year to tackle excess liquidity, stabilise the exchange rate and strengthen macroeconomic conditions.
Sanusi said the country had recovered from a period of severe economic uncertainty driven by rapid growth in money supply and weak monetary controls, noting that the CBN’s interventions had helped steer the economy away from the risk of collapse.
“I have nothing but positive words for what the Central Bank has done,” he said.
Although he acknowledged that borrowing costs remain high, Sanusi argued that the reforms had contributed to exchange rate stability and improved confidence in the economy.
“Yes, interest rates are high, but we have stabilised the exchange rate. We have pulled back from the brink of total economic collapse,” he stated.
The emir also noted that inflation, while still elevated at about 20 per cent, was easing compared to the much higher levels recorded in previous years.
According to him, Nigeria’s external reserves have risen above $40 billion, reflecting improvements in the country’s financial position.
He further pointed to recent economic growth figures as another positive sign, noting that the economy expanded by more than three per cent in the first quarter and over four per cent in the second quarter.
Sanusi said the latest figures marked the first time in many years that Nigeria’s economic growth had exceeded its population growth rate, describing the trend as an encouraging development for the country’s long-term outlook.