Nigeria’s economy is expanding faster than its population for the first time, Emir of Kano Muhammadu Sanusi II said, crediting reforms by the Central Bank of Nigeria (CBN) with helping restore macroeconomic stability.
Quick facts
- Speaker: Muhammadu Sanusi II, Emir of Kano and former CBN governor
- Event: 31st Nigerian Economic Summit
- Monetary Policy Rate: 26.50% for a second consecutive decision
- Inflation: 15.91% in June 2026
Sanusi made the remarks in a widely circulated video recorded during the ongoing 31st Nigerian Economic Summit. He said the central bank had stabilised conditions after years marked by excessive liquidity, rapid monetary expansion and broader macroeconomic volatility.
The emir praised the CBN for tightening monetary policy and clearing the liquidity surplus left by earlier measures. He said the bank had spent the past year absorbing the excess money in the financial system.
“I have only positive things to say about the work of the Central Bank,” Sanusi said, describing the economy as having emerged from a period of severe instability caused by loose monetary conditions and unchecked growth in the money supply.
“This is the first time this economy will be growing faster than the population,” he added.
His comments followed the CBN’s decision to leave its Monetary Policy Rate unchanged at 26.50% for a second straight meeting. The move is intended to contain inflation, which was recorded at 15.91% in June 2026.
