The Emir of Kano, Muhammadu Sanusi II, has commended the economic reforms of the Central Bank of Nigeria (CBN), saying the country’s economy is now expanding faster than its population for the first time in recent years.
Sanusi made the remarks while speaking at the ongoing 31st Nigerian Economic Summit, where he assessed the impact of the apex bank’s monetary reforms on the nation’s economy.
The former Governor of the Central Bank of Nigeria said the country’s macroeconomic environment had become more stable following decisive measures taken by the CBN to address excessive money supply and inflationary pressures.
According to him, the apex bank inherited an economy characterised by loose monetary conditions and rapid growth in money supply, but has since restored greater financial discipline.
“I have nothing but positive words for what the Central Bank has done. We are coming from a background of a very high level of instability as a result of loose money and uncontrolled growth in money supply. The Central Bank has taken one year to mop up all that money,” Sanusi said.
He added that the reforms were beginning to yield measurable economic gains.
“This is the first time that this economy will be growing faster than the population,” the former CBN governor stated.
Sanusi’s comments come shortly after the Monetary Policy Committee (MPC) of the Central Bank retained the Monetary Policy Rate (MPR) at 26.50 per cent for the second consecutive meeting as part of efforts to sustain declining inflation and maintain macroeconomic stability.
Nigeria’s inflation rate stood at 15.91 per cent in June 2026, according to official figures, as monetary authorities continue efforts to consolidate economic recovery.
