The Emir of Kano, Muhammadu Sanusi II, has stated that Nigeria’s economy is now expanding at a faster pace than the country’s population growth, describing the development as an important milestone after many years in which population growth consistently outpaced economic expansion.
Speaking at a public policy forum, Sanusi attributed the improvement to ongoing monetary and fiscal reforms implemented by the Federal Government and the Central Bank of Nigeria (CBN). He commended the authorities for taking difficult but necessary decisions aimed at restoring macroeconomic stability and strengthening investor confidence.
According to the former Governor of the Central Bank of Nigeria, recent economic reforms have contributed to improved stability in the foreign exchange market, stronger public revenue generation and renewed confidence in Nigeria’s economic outlook. He noted that these developments have helped position the country on a more sustainable growth path.
Sanusi, however, stressed that the progress recorded so far should not be seen as the end of the reform process. He said inflation remains a major challenge affecting households and businesses and called for continued efforts to reduce the cost of living while protecting vulnerable Nigerians.
He also urged governments at all levels to improve the quality of public spending by reducing the cost of governance and ensuring that public resources are directed toward critical sectors such as education, healthcare, infrastructure and agriculture. According to him, efficient use of public funds is essential for achieving sustainable economic growth and creating more employment opportunities.
On poverty reduction, the Emir advocated a community-based approach that actively involves traditional institutions in identifying vulnerable households and supporting government intervention programmes. He argued that traditional rulers possess grassroots knowledge that can help ensure social welfare initiatives reach those who need them most.
Sanusi concluded that while Nigeria has made encouraging progress through recent economic and monetary reforms, maintaining policy consistency, strengthening institutions and expanding opportunities for businesses and citizens will be crucial to translating macroeconomic gains into broad-based prosperity for all Nigerians.