KANO, NIGERIA — For the first time in recent years, Nigeria’s economic growth is outpacing its population growth, according to the Emir of Kano, Muhammadu Sanusi II.
Speaking at the 31st Nigerian Economic Summit, the former Central Bank of Nigeria (CBN) Governor credited this major milestone to the aggressive economic reforms and tightening monetary policies implemented by the apex bank.
In a viral video from the summit, Emir Sanusi praised the CBN for successfully restoring macroeconomic stability. He noted that the country had previously suffered from excessive money supply and severe instability, creating a “liquidity overhang” that the current administration had to urgently address.
“I have nothing but positive words for what the Central Bank has done,” Sanusi stated. “We are coming from the 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.”
He emphasized the significance of the turnaround, adding, “This is the first time that this economy will be growing faster than the population.”
Taming Inflation Sanusi’s remarks come against the backdrop of the CBN’s ongoing fight against inflation. Recently, the apex bank opted to retain the Monetary Policy Rate (MPR) at 26.50 percent for the second consecutive time. This aggressive stance aims to curb the nation’s inflation rate, which stood at 15.91 percent in June 2026.
By mopping up excess liquidity and tightening monetary conditions, the CBN aims to stabilize prices and lay the groundwork for sustainable, long-term economic growth that benefits the broader population.
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