By Peace Erewunmi

The Emir of Kano, Muhammadu Sanusi II, has praised the Central Bank of Nigeria (CBN) for its recent monetary reforms, stating that Nigeria’s economy is now growing faster than its population for the first time in years. He described the development as a sign that efforts to restore macroeconomic stability are beginning to produce positive results.

Speaking at the 31st Nigerian Economic Summit in Abuja, the former CBN Governor said the apex bank inherited an economy weakened by excessive liquidity and rapid money supply growth but had made significant progress through tighter monetary policies. He commended the bank for taking difficult decisions aimed at stabilising the economy and rebuilding investor confidence.

According to Sanusi, the economy is now expanding at a pace that exceeds Nigeria’s population growth rate, a development that could translate into improvements in output and income per person if sustained. He noted that such growth creates a stronger foundation for long-term economic development.

Sanusi also attributed the improvement to reforms implemented by the CBN under Governor Olayemi Cardoso, including tighter monetary policy, efforts to curb inflation, reforms in the foreign exchange market and measures to restore stability to the financial system. He said these policies have helped reverse years of macroeconomic instability.

The Emir stressed that while encouraging signs are emerging, sustaining economic growth will require continued fiscal discipline, structural reforms and policies that promote investment, productivity and job creation. He urged policymakers to remain committed to reforms that strengthen the economy while improving the welfare of Nigerians.