Sanusi credits Tinubu for rescuing Nigeria’s economy from brink

The Emir of Kano, Muhammadu Sanusi II, has said 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. Sanusi, however, cautioned that significant economic challenges remain, saying the country must sustain its current growth trajectory to achieve lasting stability.

The former Governor of the Central Bank of Nigeria (CBN) spoke on Tuesday at the Oxford Global Think Tank conference convened by Arunma Oteh. “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 cited the country’s economic growth of 4.48 per cent in the second quarter of 2026, describing it as an improvement over the average performance 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. He also highlighted the decline in inflation from about 30 per cent to 14.6 per cent, noting that it was projected to fall further to 12.5 per cent by the end of the year.

On economic growth and living standards, the emir said Nigeria’s gross domestic product (GDP) per capita, measured in dollar terms, had increased by 47 per cent since 2023. He expressed optimism that sustaining the current pace of growth could restore 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.

Sanusi also pointed to Nigeria’s foreign reserves, which he put at $55 billion, but warned that a substantial portion of the inflows was driven by foreign portfolio investments, which could be volatile. “Our reserves are at $55 billion, and yes, a lot of it is driven by portfolio flows, which are volatile,” he said. He attributed the continued inflows partly to high oil prices amid the conflict in the Strait of Hormuz and attractive returns available to investors in Nigeria.

On export diversification, Sanusi said 20 per cent of Nigeria’s exports were coming from the Dangote Refinery, describing the development as evidence of progress beyond the country’s traditional export sources. Despite acknowledging the economic gains, the former CBN governor criticised the Tinubu administration’s communication strategy, saying the government appeared to interpret criticism and constructive 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. Sanusi nevertheless maintained that the administration had begun laying the foundations for economic stability, stressing that the progress recorded so far should be regarded as a starting point rather than an end in itself.

“There are clearly foundations being laid for stability. It’s not the end, but the first step towards stability,” he said.