Sanusi: Nigeria’s economy now growing faster than population after CBN reforms
The Emir of Kano, Muhammadu Sanusi II, has said Nigeria’s economy is now growing faster than its population for the first time in many years, following the reforms introduced by the Central Bank of Nigeria (CBN).
Sanusi made the remarks while speaking at the ongoing 31st Nigerian Economic Summit in a video that has since gone viral on social media.
The former Governor of the Central Bank of Nigeria said the country’s economy has become more stable because of the monetary reforms implemented by the apex bank over the past year.
According to him, Nigeria previously faced serious economic challenges caused by excessive money supply, loose monetary policies and growing macroeconomic instability.
He explained that these issues created pressure on the economy and made it difficult to achieve sustainable growth.
Sanusi commended the CBN for taking bold steps to tighten monetary conditions and reduce the excess liquidity in the financial system.
He noted that the bank successfully removed the surplus money that had accumulated under previous policies, helping to restore confidence in the economy.
“I have nothing but positive words for what the Central Bank has done. We came from a period of serious instability caused by loose monetary policies and uncontrolled growth in money supply. The Central Bank has spent the past year removing that excess money from the system,” Sanusi said.
He added that the impact of the reforms is beginning to show in key economic indicators.
“This is the first time that this economy will be growing faster than the population,” the former CBN Governor stated, expressing confidence that the country’s economic outlook is improving.
Sanusi stressed that maintaining disciplined monetary policies and ensuring stability in the financial system are important for sustaining economic growth, attracting investment and improving the living conditions of Nigerians.
His comments came shortly after the Central Bank of Nigeria, at the end of its latest Monetary Policy Committee meeting, retained the Monetary Policy Rate (MPR) at 26.50 per cent for the second consecutive time.
The apex bank said the decision was aimed at consolidating recent gains in the fight against inflation while maintaining stability in the foreign exchange market and the broader economy.
Nigeria’s inflation rate stood at 15.91 per cent in June 2026, a figure the CBN hopes to reduce further through its current monetary policies.
Sanusi’s endorsement of the CBN’s reforms comes at a time when economic policies and inflation management remain major issues of public discussion, with many stakeholders closely watching the country’s economic performance and the impact of government reforms on businesses and households.
