Sanusi Calls for Attention to Human Cost of Economic Reforms

Former Governor of the Central Bank of Nigeria and Emir of Kano, Lamido Sanusi, praised the federal government for bringing the economy back from the edge. He warned that economic gains won’t matter if nothing is done to protect the most vulnerable people.

Mr Sanusi spoke on Tuesday at the Oxford Global Think Tank conference. He said President Bola Tinubu’s government must focus more on the human cost of its economic changes.

The former central bank chief pointed out clear improvements in key economic indicators. He noted that a stable foundation has been laid after years of slow growth.

Mr Sanusi mentioned the nation’s gross domestic product (GDP), which rose by 4.48 percent in the second quarter of 2026, as proof of real recovery.

“Now, it’s not as high as it was in the time of Yar’Adua/Jonathan, for example, 6, 7 percent, but if you look at the Buhari years, on average, GDP grew by 0.9 percent.

“Even if you took out the pandemic years, we were growing at 1.8 percent under Buhari. Today it’s at 4.5 percent, so we have to accept that as progress,” Mr Sanusi said.

He also noted the drop in inflation, which has come down from over 30 percent in recent years to 14.6 percent. He expects it to settle around 12 to 12.5 percent next year.

According to Mr Sanusi, tough monetary policies have helped Nigeria improve consumer prices. This gives the central bank a chance to think about easing monetary policy as central banks around the world face challenges.

Other positive signs he mentioned include external reserves rising to $55 billion. This increase is helped by high crude oil prices linked to tensions in the Strait of Hormuz and large portfolio investments.

He said GDP per capita in dollar terms grew by 47 percent in 2023. This growth is driven by economic progress and a stronger exchange rate. Non-crude production has also benefited from the Dangote Refinery, which added about $4 billion to exports in Q2 2026, exporting 50 percent of its diesel and 85 percent of its aviation fuel.

Even with these good numbers, Mr Sanusi warned that the stability we see is just the beginning. He urged against becoming too relaxed, pointing out that portfolio flows can change quickly due to global issues.

More importantly, he talked about the social impact of the economic reforms. He urged leaders to pay attention to the serious struggles facing everyday Nigerians.

“At the end of the day, we’ve got to look at the human beings at the bottom of the pyramid.

“What’s happening to human beings? What’s happening to education? What’s happening to healthcare? What’s happening to maternal mortality? What’s happening to malnutrition? What is happening to hunger?”

He expressed concern about the wide gap in wealth across regions. While some areas have seen a drop in poverty, many people have fallen below the poverty line without enough support.

“When we started these reforms, we should have known that there was going to be an impact on people at the bottom of the pyramid. We should have designed policies to minimize those shocks, and that is a problem that we’ve not done, and we still have not done.”

Mr Sanusi emphasized that while the current government deserves credit for preventing an economic collapse, true progress will be measured by how well it protects its most vulnerable citizens through effective social safety nets.