WE NEED TO GIVE CREDIT TO TINUBU'S ADMINISTRATION FOR BRINGING NIGERIA BACK FROM THE BRINK - SANUSI

The Emir of Kano, Muhammadu Sanusi II, has praised President Bola Tinubu’s administration for recording improvements in Nigeria’s economy, citing economic growth, declining inflation, increased foreign reserves and export diversification.

Speaking on Tuesday at the Oxford Global Think Tank conference convened by Arunma Oteh, Sanusi said the country was beginning to lay the foundations for economic stability, although significant challenges remained.

“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.

The former Central Bank of Nigeria governor noted that the economy grew by 4.48 per cent in the second quarter of 2026, compared with an average growth rate of 0.9 per cent during former President Muhammadu Buhari’s administration.

“Today it’s at 4.5 percent. That’s progress,” he said.

Sanusi also said inflation had dropped from about 30 per cent to 14.6 per cent and was projected to fall to 12.5 per cent by the end of the year. He added that Nigeria’s GDP per capita, measured in dollars, had increased by 47 per cent since 2023.

“If we continue at this rate, by the end of next year, GDP per capita will be back to where it was in 2005,” he said.

He further disclosed that the country’s foreign reserves stood at $55 billion but cautioned that much of the inflow was driven by volatile foreign portfolio investments.

On export diversification, Sanusi said 20 per cent of Nigeria’s exports were coming from the Dangote Refinery, describing it as evidence of progress.

“There are clearly foundations being laid for stability. It’s not the end, but the first step towards stability,” he said.

However, he criticised the government’s communication strategy, saying it interprets suggestions and contributions it dislikes as attacks and lacks effective spokespersons.

“This government doesn’t express itself properly. It sees every suggestion and contribution it does not like as an attack, and it doesn’t have good spokespersons,” he added.

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