Business

Nigeria’s GDP growth not reflecting in citizens’ living standards – Sanusi

Sanusi noted that while headline economic indicators such as Gross Domestic Product (GDP) growth and inflation figures may appear impressive, they often mask worsening living conditions for ordinary Nigerians.

Published

9 months ago

November 5, 2025

OCHEFA

392 Views

The Emir of Kano and former Governor of the Central Bank of Nigeria (CBN), Muhammadu Sanusi II, observed that Nigeria’s economic growth is not translating into improved living standards for its citizens.

Sanusi made this statement yesterday in Lagos ina keynote address during the 7th African International Conference on Islamic Finance (AICIF), themed “Africa Emerging: A Prosperous and Inclusive Outlook.”

Daily Trust reports that the conference was organised by Metropolitan Law and Metropolitan Skills Ltd in collaboration with the Securities and Exchange Commission (SEC).

“Economists tend to take a helicopter view of GDP and inflation numbers. These are beautiful statistics, but too often we lose sight of the small numbers that are absolutely crucial.

“A GDP growth rate of 5% or 6% may look good, but if it comes from one niche sector, the vast majority of the population could be getting poorer while GDP is growing.

Sitting in Lagos or Abuja and booking loans does not improve the lives of people in rural areas .

Inflation may decline, but the prices of basic food and medicines consumed by the poor may still be rising,” he said.

The emir called on Islamic financial institutions to drive inclusive growth by targeting the informal and rural sectors.

“Islamic financial institutions need to go to the bottom of the pyramid. You cannot talk about inclusivity if you are not where the people are.

Sitting in Lagos or Abuja and booking loans does not improve the lives of people in rural areas,” he said.

Related Topics:7th African International Conference on Islamic Finance (AICIF)Emir Sanusi GDP growth comments

Up Next

Rite Foods Mark Corporate Compliance & Ethics Week 2025

Don't Miss

Dangote Assures Steady Petrol, diesel Supply

Click to comment

Business

Naira Exchange Rates Thursday, 23 July

Published

18 hours ago

July 23, 2026

OCHEFA

35 Views

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1,405 Sell ₦1,410

GREAT BRITISH POUND (GBP) Buy ₦1,880 Sell: ₦1,900

EURO (EUR) Buy ₦1,580 Sell ₦1,600

CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400

CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

CBN OFFICIAL EXCHANGE RATES

US DOLLAR (USD) ₦1,369.63

GREAT BRITISH POUND (GBP) ₦1,833.12

EURO (EUR) ₦1,563.03

SWISS FRANC (CHF) ₦1,685.08

JAPANESE YEN (JPN) ₦8.40

CHINESE YUAN (CNY) ₦202.21

WEST AFRICAN CFA (XOF) ₦2. 39

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,867.90

SAUDI RIYAL (SAR) ₦366.36

SOUTH AFRICAN RAND (ZAR) ₦83.40

Business

President Tinubu Tasks Judicial Officers To Remain Abreast of Evolving Global Maritime Laws

President Tinubu made the call in Abuja during the 18th International Maritime Seminar for Judges, organised by the Nigerian Shippers’ Council (NSC), under the auspices of the Federal Ministry of Marine and Blue Economy, in collaboration with the National Judicial Institute (NJI).

Published

1 day ago

July 22, 2026

OCHEFA

40 Views

President Bola Tinubu on Wednesday urged judges to continually update their knowledge on autonomous vessels, digital shipping, artificial intelligence-driven maritime operations, maritime security and evolving international environmental regulations.

Represented by the Minister of Marine and Blue Economy, Adegboyega Oyetola, President Tinubu lauded the Nigerian Shippers’ Council for initiating and sustaining the international seminar for judges.

He described it as one of Nigeria’s foremost platforms for strengthening maritime jurisprudence, enhancing judicial capacity and promoting excellence in maritime justice.

According to Oyetola , rapid technological advancement is creating unprecedented legal questions relating to liability, navigational responsibility, insurance, collision regulations and allocation of responsibility when autonomous vessels malfunction.

He emphasised that the courts will increasingly adjudicate disputes involving decarbonisation, environmental compliance, blockchain-enabled cargo documentation, electronic bills of lading and other evolving international maritime legal frameworks.

“The emergence of autonomous vessels demands a judiciary equipped to resolve complex legal questions involving liability, insurance, navigation and technological accountability.

“Judicial officers must remain abreast of evolving international maritime law to ensure justice keeps pace with technological innovation,” he said.