Sanusi Praises Tinubu for Improving Nigeria's Economy

(Emir of Kano, Muhammadu Sanusi II. Photo by THISDAYLIVE)
The Emir of Kano, Muhammadu Sanusi II, says President Bola Tinubu deserves credit for steering Nigeria's economy away from a dangerous point.

He pointed to gains in growth, inflation, foreign reserves and export mix.

Speaking on Tuesday at the Oxford Global Think Tank conference, convened by Arunma Oteh, the former Central Bank governor said he is not a fan of politicians.

Even so, he said, the government deserves recognition.

He said the economy grew by 4.48 per cent in the second quarter of 2026.

He compared that with the Buhari years, when growth averaged 0.9 per cent.

He said it is not as high as the Yar'Adua and Jonathan era, but it is clear progress.

Inflation has also come down, from about 30 per cent to 14.6 per cent.

He said it is expected to fall further to 12.5 per cent by the end of the year.

On living standards, Sanusi said GDP per capita in dollar terms has risen by 47 per cent since 2023.

He said if growth keeps up at this pace, GDP per capita could return to its 2005 level by the end of next year.

Nigeria's foreign reserves stand at $55 billion, he said.

He warned that much of that money comes from foreign portfolio investment, which can move quickly and is therefore risky.

He linked the inflows partly to high oil prices, caused by the conflict in the Strait of Hormuz, and to good returns on investment in Nigeria.

On exports, he said 20 per cent of Nigeria's exports now come from the Dangote Refinery.

He called that a sign of progress beyond the country's usual export products.

He was less kind about the government's communication.

He said the administration treats criticism and suggestions as attacks and lacks good spokespersons.

Still, he said the government has started building the basics for stability.

He stressed that this is only the first step, not the finish line.