The Emir of Kano, Sanusi Lamido Sanusi has said that the economic reforms of President Bola Tinubu’s administration have pulled Nigeria back from the brink and are laying foundations for stability, though the government needs better communication of its achievements.
Speaking on Tuesday at the Oxford Global Think Tank conference convened by Arunma Oteh, the former Governor of the Central Bank of Nigeria said the administration doesn’t express itself properly and tends to see every suggestion it does not like as an attack.
He, however, said the progress of the reforms should be acknowledged.
Sanusi stated: “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.
“Let’s look at the good side of the reforms. GDP in Q2 2026 was at 4.48%. 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%. Today it’s at 4.5%. That’s progress.”
Sanusi added that inflation has dropped significantly and foreign reserves have improved.
His words: “Inflation is down from 30% to 14.6% and is projected to be 12.5% by the end of the year. That is progress,” he stated.
” GDP per capita in dollar terms has gone up since 2023 by 47%. If we continue at this rate, by the end of next year, GDP per capita will be back to where it was in 2005.”
On external reserves, the Emir said Nigeria’s reserves now stand at $55 billion, admitting that a large portion is driven by portfolio flows which are volatile.
He noted: “Our reserves are at $55 billion, and yes, a lot of it is driven by portfolio flows, which are volatile, but we are lucky that there is a war in the Strait of Hormuz. Oil prices are high. Investors would like to stay in Nigeria because of that and the high returns, and therefore we get the portfolio flows.”
The traditional ruler also pointed to progress in export diversification driven by domestic refining.
According to him, We are also making progress in terms of diversification. 20% of our exports are coming from the Dangote Refinery. There are clearly foundations being laid for stability. It’s not the end, but the first step towards stability.
Sanusi stressed that while he is not a fan of politicians, credit should be given where it is due.
“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 added.