Muhammadu Sanusi II, the Emir of Kano, stated that the Nigerian economy is currently expanding at a rate exceeding the national population growth, marking a significant milestone attributed to recent Central Bank of Nigeria (CBN) policies. He shared these observations during the 31st Nigerian Economic Summit.
According to the former CBN Governor, the institution has effectively stabilized the financial system following an extended period of macroeconomic volatility caused by excessive money supply. Sanusi praised the bank for its rigorous approach to tightening monetary conditions and removing excess liquidity left behind by prior administrations.
Highlighting the impact of these measures, Sanusi noted that the Central Bank dedicated the past year to absorbing surplus money from the system. Consequently, he emphasized that this disciplined fiscal environment has allowed the economy to finally grow faster than the population rate. These comments align with the CBN’s recent decision to keep the Monetary Policy Rate steady at 26.50 percent, a strategy intended to manage inflation, which was recorded at 15.91 percent in June 2026.
