The Emir of Kano, Alhaji Muhammadu Sanusi II, has said Nigeria has pulled back from the brink of economic collapse, crediting recent monetary tightening policies by the Central Bank of Nigeria (CBN) for restoring some level of macroeconomic stability.
Naija News reports that Sanusi made the remarks during an interview with News Central on Wednesday, noting that the country was gradually recovering from years of fiscal indiscipline and excessive liquidity.
“We’re coming from a background of very high levels of instability as a result of loose money,” he said.
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“The Central Bank of Nigeria has taken the last one year to mop up all that money.”
The former CBN governor expressed optimism that key indicators were improving under the current economic management, even though challenges remained.
“We’ve pulled back from the brink of economic collapse and stabilised the exchange rate,” Sanusi stated.
“Inflation is coming down. It’s still very high at 20%, but it is coming down from the high levels of a few years ago.”
He commended the CBN’s current efforts to tighten monetary policy, saying the steps had begun yielding visible results in price moderation and naira stability.
Highlighting signs of macroeconomic recovery, Sanusi disclosed that Nigeria’s foreign reserves now exceed $40 billion, a level he described as encouraging for investor confidence and import stability.
“We have built up a reserve of over $40bn,” he said.
“The economy has grown in the first quarter by more than 3% and in the second quarter by more than 4%. And this is the first time in a long time that this economy has been going faster than the population.”
According to Sanusi, the current trend shows that economic output is finally outpacing population growth, suggesting that Nigeria may be entering a phase of sustainable recovery if fiscal and monetary discipline are maintained.
Sanusi, who served as Governor of the apex bank from 2009 to 2014, has been a consistent advocate for macroeconomic prudence and policy transparency.
During his tenure, he introduced major banking sector reforms aimed at restoring confidence after the 2009 financial crisis.
His latest remarks come amid cautious optimism that recent monetary tightening, improved oil revenue, and foreign exchange reforms could stabilise Nigeria’s fragile economy after years of turbulence.