The Emir of Kano, Muhammadu Sanusi II, has said that President Bola Tinubu deserves credit for bringing Nigeria’s economy back from the brink, citing improvements in economic growth, inflation, foreign reserves, and export diversification.
Emir Sanusi, who gave the commendation while speaking on Tuesday at the Oxford Global Think Tank conference convened by Arunma Oteh, said the country is beginning to lay the foundations for economic stability, although significant challenges remain.
“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.
Sanusi, a former Central Bank of Nigeria (CBN) governor, said the economy grew by 4.48 percent in the second quarter (Q2) of 2026, describing the performance as progress compared with the average growth recorded during the administration of former President Muhammadu Buhari.
“GDP in Q2 2026 was at 4.48 percent. 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 percent. Today it’s at 4.5 percent. That’s progress,” he said.
Sanusi also noted the decline in inflation from about 30 percent to 14.6 percent, adding that it was projected to fall to 12.5 percent by the end of the year.
He said Nigeria’s gross domestic product (GDP) per capita, measured in dollar terms, had increased by 47 percent since 2023.
According to the emir, “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 also cited the country’s foreign reserves, which he put at $55 billion, but cautioned that a significant portion of the inflows was driven by foreign portfolio investments (FPI), which are 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.
He said high oil prices and returns on Nigerian investments have encouraged foreign investors to maintain their exposure to the country.
On diversification, Sanusi said “20 percent of Nigeria’s exports were coming from the Dangote refinery”, describing the development as evidence of progress beyond the country’s traditional export sources.
“There are clearly foundations being laid for stability. It’s not the end, but the first step towards stability,” he said.
The emir, however, criticised the Tinubu administration’s communication of its economic policies, saying the government appeared to interpret criticism and suggestions as attacks.
“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,” he said.
Despite his reservations about the government’s communication, Sanusi said the administration deserved recognition for the economic gains recorded so far.
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