The Emir of Kano, His Royal Highness Muhammadu Sanusi II, has expressed optimism about Nigeria’s economic direction, stating that the country has successfully pulled back from the brink of total economic collapse following recent economic reforms.
Speaking on the state of the nation’s economy, Sanusi commended the monetary policies implemented by the Central Bank of Nigeria (CBN), noting that measures to reduce excess liquidity, stabilise the foreign exchange market, and strengthen external reserves have helped restore macroeconomic stability.
According to the former Governor of the Central Bank of Nigeria, Nigeria’s economy has recorded growth rates that now exceed the country’s population growth for the first time in many years.
“We have pulled back from the brink of total economic collapse… this is the first time in a long time that the economy has been growing faster than the population,” Sanusi said.
Despite his positive assessment, the Emir cautioned that significant challenges remain. He stressed the need for government to reduce the high cost of governance, improve the targeting of social interventions, invest more in agriculture and power infrastructure, and sustain structural reforms capable of delivering long-term economic growth and poverty reduction.
Economic analysts believe Sanusi’s remarks reflect cautious optimism, acknowledging recent improvements while emphasising that sustained reforms and prudent fiscal management will be essential to achieving inclusive and lasting economic prosperity.
Source: Public remarks by HRH Muhammadu Sanusi II.
