Emir Sanusi says Nigeria's economy outpaces population growth
Emir Sanusi says Nigeria's economy is now growing faster than its population for the first time, crediting the Central Bank of Nigeria's recent reforms. Speaking at the ongoing 31st Nigerian Economic Summit on July 31, 2026, the former CBN governor said the apex bank had mopped up excess liquidity built up from years of loose monetary policy. He noted that the CBN kept the Monetary Policy Rate at 26.5 percent for a second straight meeting to tame inflation, which stood at 15.91 percent in June 2026.
Sanusi praised the CBN's efforts to restore macroeconomic stability after a period of instability caused by excessive money supply. He said the central bank needed about a year to absorb the excess money in the system. The emir's remarks come as the naira continues to lose value against the dollar, with the exchange rate showing further depreciation on July 29 and 30, 2026.
For Nigerians, the higher MPR means borrowing costs stay high, affecting loans for business and consumers. While the central bank aims to curb inflation, the policy also makes credit more expensive. Will you adjust your borrowing or investment plans in response to sustained high interest rates, or do you expect inflation to fall enough to ease borrowing costs soon?