Emir of Kano, Muhammadu Sanusi II, said the Nigerian Economy is growing faster than its population for the first time amid reforms by the Central Bank of Nigeria, CBN. The remarks were made in a viral video during the 31st Nigerian Economic Summit, which was held in Abuja and brought together policymakers, economists and business leaders to discuss the country’s economic trajectory.
The Emir praised the apex bank for restoring stability after years of excessive money supply and macroeconomic instability. He highlighted the CBN’s tightening monetary conditions and its success in addressing the liquidity overhang inherited from previous policies. “I have nothing but positive words for what the Central Bank has done. 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 said. “This is the first time that this economy will be growing faster than the population,” added Sanusi, a former CBN Governor.
His comments come as the CBN, for the second consecutive time, retained the Monetary Policy Rate, MPR, at 26.50 percent in a bid to curb the country’s inflation, which stood at 15.91 percent in June 2026. The high policy rate reflects the bank’s commitment to controlling inflation and stabilising the naira.
The Emir’s remarks underscore the importance of sound monetary policy in achieving sustainable growth. Growth outpacing population growth is a milestone that could improve per‑capita income and reduce poverty, and it signals that the reforms implemented by the CBN are beginning to translate into real economic performance.
Nigeria’s economy has faced challenges such as high inflation, currency volatility and a reliance on oil exports. The CBN’s tightening measures, including the high MPR, aim to curb inflation and restore confidence in the financial system. The Emir’s positive assessment reflects a broader consensus among policymakers that the bank’s actions are on the right track.
As Nigeria continues to navigate a complex economic environment, the Emir’s observation that the economy is now growing faster than its population offers a hopeful narrative. It highlights the potential for a more resilient economy and signals that the Central Bank’s reforms are beginning to bear fruit. Stakeholders will watch closely as the CBN maintains its policy stance and the economy moves toward sustainable growth.
