Nigeria’s Economy Now Growing Faster Than Population

The Emir of Kano, Muhammadu Sanusi II, has said Nigeria’s economy is showing stronger growth than its population for the first time, attributing the development to recent monetary and economic reforms by the Central Bank of Nigeria (CBN).Sanusi, a former governor of the CBN, made the remarks in a video circulating online while speaking at the 31st Nigerian Economic Summit.According to him, the CBN has made significant progress in restoring stability to the economy following years of monetary expansion, excess liquidity and broader macroeconomic challenges.He particularly praised the apex bank for tightening monetary conditions and reducing the excess liquidity that had accumulated in the financial system under previous policies.«“I have nothing but positive words for what the Central Bank has done,” Sanusi said, noting that the bank had spent about a year addressing the excess money supply.»He added that the recent developments represented an important shift in Nigeria’s economic outlook.“This is the first time that this economy will be growing faster than the population,” he said.Sanusi’s comments come as the CBN continues to maintain a tight monetary policy stance aimed at controlling inflation and strengthening macroeconomic stability.The apex bank retained its Monetary Policy Rate at 26.50 percent for the second consecutive time. The decision followed continued efforts to contain inflation, which stood at 15.91 percent in June 2026.The former CBN governor’s assessment highlights the potential impact of recent monetary reforms, although sustained economic growth and improvements in living standards will ultimately depend on how these gains translate into increased productivity, investment and employment across the country.