The Emir of Kano, Muhammadu Sanusi II, has said the Nigerian economy is growing faster than its population for the first time amid reforms by the Central Bank of Nigeria, CBN.
The Emir made the remarks in a viral video while speaking at the ongoing 31st Nigerian Economic Summit.
He said that in recent years, the apex bank has restored stability to the economy after years of excessive money supply and macroeconomic instability.
He hailed the CBN’s efforts to tighten monetary conditions, noting that the bank had successfully addressed 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 remarks 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.