Emir Sanusi Praises Tinubu for Economic Recovery Efforts

Emir of Kano, Muhammadu Sanusi II, stated that Nigeria's economy has recovered from the brink of total collapse under President Bola Tinubu's administration. In an interview, Sanusi highlighted improvements in macroeconomic indicators, attributing this to tough monetary measures implemented over the past year, including actions by the Central Bank of Nigeria (CBN) to reduce excess liquidity.

He noted that the economy, which had been marked by severe instability due to loose monetary policy, has seen a more stable exchange rate and declining inflation, currently around 20 percent. Sanusi reported that Nigeria's external reserves have risen to over $40 billion and that the economy expanded by more than three percent in the first quarter and over four percent in the second quarter, marking a significant milestone as it is the first time in a long while that economic growth has outpaced population growth.

He acknowledged that while the risk of total economic collapse has diminished, inflation and high interest rates remain significant challenges for businesses and households.