Sanusi: Tinubu deserves credit for rescuing Nigeria’s economy

The Emir of Kano, Muhammadu Sanusi II, has said President Bola Tinubu deserves credit for steering Nigeria’s economy away from the brink, citing improvements in economic growth, inflation, foreign reserves and export diversification.
Sanusi, a former governor of the Central Bank of Nigeria (CBN), spoke on Tuesday at the Oxford Global Think Tank conference convened by Arunma Oteh, where he acknowledged progress in the country’s economic recovery but warned that 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 CBN governor noted that Nigeria’s Gross Domestic Product (GDP) grew by 4.48 per cent in the second quarter of 2026, describing the performance as an improvement on the sluggish growth recorded during former President Muhammadu Buhari’s administration.
“GDP in Q2 2026 was at 4.48 per cent. It’s not as high as it was under the Yar’Adua/Jonathan government, but during the Buhari years, the economy grew by 0.9 per cent. Today it’s at 4.5 per cent. That’s progress,” Sanusi said.
He also pointed to a decline in inflation from about 30 per cent to 14.6 per cent, expressing optimism that the rate could fall further to 12.5 per cent by the end of the year.
According to him, Nigeria’s GDP per capita, measured in dollar terms, has risen by 47 per cent since 2023.
Sanusi projected that sustaining the current growth trajectory could return the country’s GDP per capita to its 2005 level by the end of next year.
“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.
On the country’s external reserves, the emir put the figure at $55 billion but cautioned that a substantial proportion of the inflows was driven by foreign portfolio investments, which could be volatile.
He attributed the continued inflows partly to high oil prices amid the war in the Strait of Hormuz and the attractive returns available to investors in Nigeria.
“Our reserves are at $55 billion, and yes, a lot of it is driven by portfolio flows, which are volatile,” he said.
Sanusi also identified developments in the export sector as evidence of progress towards diversifying the economy beyond its traditional dependence on crude oil.
He said 20 per cent of Nigeria’s exports were coming from the Dangote refinery, describing the development as a sign that the country was making progress in broadening its export base.
“There are clearly foundations being laid for stability. It’s not the end, but the first step towards stability,” he said.
However, the Kano monarch criticised the Tinubu administration’s communication strategy, arguing that the government had not done enough to explain its economic policies and respond constructively to criticism.
He said the administration often interpreted suggestions and contributions it disagreed with as attacks, adding that its communication team needed to do better.
“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,” Sanusi said.
Despite his reservations about the government’s communication approach, the emir maintained that the administration deserved recognition for the economic improvements recorded so far.
He, however, stressed the need to sustain the gains and consolidate the foundations for long-term economic stability.