The Emir of Kano, Muhammadu Sanusi II, has commended the Central Bank of Nigeria (CBN) for what he described as significant progress in stabilising the nation’s economy, citing improved macroeconomic indicators and ongoing monetary reforms.
Speaking on Nigeria’s economic outlook, Sanusi said the country is beginning to witness positive results from recent fiscal and monetary policy measures, arguing that the economy is now expanding at a pace that exceeds population growth for the first time in several years.
According to him, Nigeria recorded a 3.89 per cent real Gross Domestic Product (GDP) growth in the first quarter of 2026, while the country’s external reserves have risen above 50 billion dollars, developments he described as encouraging signs of improving economic fundamentals.
The former Governor of the Central Bank of Nigeria attributed the progress to a combination of exchange rate reforms, tighter monetary policy and efforts by the apex bank to absorb excess liquidity following the removal of fuel subsidy and the unification of the foreign exchange market.
Sanusi noted that exchange rate stability and disciplined monetary management are essential for restoring investor confidence, reducing economic distortions and laying the foundation for sustainable long-term growth.
He also expressed optimism about the implementation of the Federal Government’s planned tax reforms, expected to take effect in 2026, saying they would simplify the tax system while providing greater protection for low-income earners.
According to the Emir, broad-based structural reforms remain necessary to strengthen productivity, improve fiscal sustainability and create an enabling environment for private-sector investment.
His remarks come at a time when Nigeria continues to implement wide-ranging economic reforms aimed at addressing longstanding macroeconomic imbalances and attracting both domestic and foreign investment.
Despite the positive indicators highlighted by Sanusi, many Nigerians continue to grapple with high inflation, elevated food prices and rising living costs, issues that remain central to public discussions on the economy.
Critics of the government’s economic policies argue that although macroeconomic indicators may be improving, the benefits have yet to translate into meaningful relief for households struggling with declining purchasing power.
Supporters of the reforms, however, maintain that difficult policy decisions such as fuel subsidy removal, foreign exchange liberalisation and monetary tightening were necessary to correct structural weaknesses inherited over several years.
Economic analysts observe that while stronger GDP growth, rising external reserves and improved exchange rate stability are positive developments, sustained progress will ultimately depend on increasing productive investment, expanding employment opportunities and reducing inflation.
They also stress that long-term economic success will require complementary reforms in agriculture, manufacturing, infrastructure, energy and education to ensure that growth becomes more inclusive.
Sanusi reiterated that Nigeria possesses the capacity to achieve sustained economic transformation if reforms are implemented consistently and supported by sound institutions.
As debate over the country’s economic direction continues, stakeholders have called for a balanced approach that combines macroeconomic stability with policies aimed at improving the welfare of ordinary Nigerians and ensuring that economic growth translates into tangible improvements in living standards.
