Former Central Bank of Nigeria (CBN) Governor and Emir of Kano, Muhammadu Sanusi II, has declared that President Bola Tinubu’s macroeconomic agenda have rescued the country from the edge of economic ruin.
Addressing delegates at the Oxford Global Think Tank conference convened by former Securities and Exchange Commission Director-General Arunma Oteh, the renowned economist chided the administration for failing to communicate its vision effectively to the public.
He argued that the presidency has repeatedly alienated potential allies by misinterpreting constructive criticism and policy suggestions as coordinated attacks, a deficiency he blamed directly on an ineffective communications team.
However, Sanusi maintained that the underlying economic fundamentals demonstrate decisive progress.
Highlighting key performance metrics, he noted that gross domestic product grew by 4.48 percent in the second quarter of 2026.
While conceding that the output has not reached the historic peaks recorded during the Umaru Yar’Adua and Goodluck Jonathan administrations, he contrasted the current momentum with the stagnant 0.9 percent average growth of the Muhammadu Buhari era.
Sanusi also identified cooling consumer prices as another key indicator of stabilization, stating that headline inflation had plunged from 30 percent to 14.6 percent, with internal forecasts pointing to 12.5 percent before the close of the year. Over the same span, Nigeria’s GDP per capita in dollar terms climbed by 47 percent since 2023. At the current pace of recovery, he projected that per capita income would return to 2005 levels by late next year.
The external sector has likewise shown visible improvement, with foreign exchange reserves hitting $55 billion. While acknowledging that these reserves remain heavily leveraged by volatile foreign portfolio investments, the monarch observed that high crude prices resulting from geopolitical tensions along the Strait of Hormuz have bolstered returns, creating an attractive environment that continues to retain foreign capital.
He also highlighted key structural gains in domestic production and trade, pointing out that output from the Dangote Petroleum Refinery now accounts for roughly 20 percent of total exports.
Sanusi described these markers not as an ultimate economic victory, but as an essential first step toward sustainable macroeconomic stability.
Concluding his address, he insisted that despite personal reservations about politicians, President Tinubu’s administration deserved credit for steering the nation away from catastrophic collapse.
