Emir of Kano, Sanusi Lamido Sanusi, has praised President Bola Tinubu’s administration for making progress through its economic reforms.
Sanusi said Nigeria’s inflation had dropped from 30% to 14.6%, while foreign reserves had risen to $55 billion.
Speaking at the Oxford Global Think Tank conference, the former CBN governor acknowledged the challenges of the reforms but urged Nigerians to recognise the government’s achievements.
Emir of Kano, Muhammadu Sanusi II, has praised President Bola Tinubu’s administration, saying its economic reforms have helped Nigeria recover from a difficult position.
Sanusi made the remarks on Tuesday, November 3, 2026, while speaking at the Oxford Global Think Tank conference convened by Arunma Oteh. He highlighted improvements in economic growth, inflation, foreign reserves and export earnings, while acknowledging that the country still has significant challenges to overcome.
Sanusi highlights Tinubu’s economic achievements
The former Central Bank of Nigeria (CBN) governor said the country’s economy was recording progress under Tinubu, despite the difficulties associated with the government’s policies.
According to him, Nigeria’s gross domestic product (GDP) grew by 4.48% in the second quarter of 2026, compared with the 0.9% growth recorded during the Buhari administration.
He also noted that inflation had fallen from 30% to 14.6%, with projections suggesting it could reach 12.5% before the end of the year.
Sanusi further disclosed that Nigeria’s GDP per capita, measured in dollars, had increased by 47% since 2023.
He projected that if the country maintained the current growth rate, its GDP per capita could return to its 2005 level by the end of 2027.
$55bn reserves, Dangote Refinery contributions
Sanusi also pointed to Nigeria’s foreign reserves, which he said had reached $55 billion.
However, he cautioned that a significant portion of the reserves was supported by portfolio investments, which could be unstable because investors might withdraw their funds.
He attributed some of the investment inflows to high oil prices linked to the war in the Strait of Hormuz, alongside attractive returns in Nigeria.
The Kano monarch also identified the Dangote Refinery as an important contributor to the country’s economic diversification.
He claimed that 20% of Nigeria’s exports were coming from the refinery, adding that the development showed that the country was gradually building a foundation for economic stability.
Sanusi speaks on Tinubu’s leadership
Beyond the economic figures, Sanusi criticised the government’s communication strategy, arguing that it often interprets suggestions and contributions as attacks.
He also faulted the administration for lacking effective spokespersons capable of properly explaining its policies and responding to criticism.
Despite his reservations about politicians, the former CBN governor insisted that Tinubu deserved recognition for the economic changes recorded under his leadership.
His strongest remark was:
“I’m not a fan of politicians, but we need to give credit to President Tinubu’s administration for bringing us back from the brink.”
Sanusi stressed that the progress should not be mistaken for the end of Nigeria’s economic problems, describing the current developments as an initial step towards stability.
Meanwhile, Lere Olayinka, an aide to FCT Minister Nyesom Wike, has challenged Gen Z Nigerians over their perception of the country’s economic situation.
He argued that many young Nigerians only began to understand economic difficulties when they became adults and started providing for themselves.
Speaking during an interview with AIT, Olayinka cited technological advancement and people building houses as reasons Nigerians should reconsider the narrative of widespread hardship.
Lere Olayinka, Senior Special Assistant on Public Communications and Social Media to FCT Minister Nyesom Wike, has stirred reactions after challenging Gen Z Nigerians over their complaints about economic hardship.
During an interview with African Independent Television (AIT), uploaded on Tuesday, November 3, 2026, Olayinka argued that Nigeria had improved compared with previous years, despite the economic difficulties facing citizens. He also pointed to people building houses as evidence that economic activities were still taking place. Continue reading here.
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