Former CBN governor says policy reversals have repeatedly pushed country backwards
Former Governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, has warned the Federal Government against reversing economic reforms, saying policy discontinuity has repeatedly forced Nigeria to lose hard-won gains.
Sanusi spoke on Wednesday in Abuja at the launch of Enhancing Financial Inclusion & Advancement (EFInA)’s 2026 Access to Financial Services in Nigeria (A2F) Survey Report.
The former CBN governor said Nigeria had made significant progress in monetary policy reforms during his tenure but subsequently abandoned some of the policies, resulting in the country having to start again.
He recalled that inflation had fallen to about 7.8 per cent when he left the CBN, while the monetary authorities had moved towards inflation targeting and established a framework aimed at maintaining tighter monetary conditions.
According to Sanusi, the subsequent return to what he described as “ways and means” financing and the monetisation of fiscal deficits contributed to renewed inflationary pressures.
“I think one of the sad things about the country is how easy it is to take 10 steps forward and then take 30 steps back,” he said.
He argued that policymakers should identify reforms that have delivered measurable progress, preserve those gains and focus on correcting areas where existing policies have fallen short.
Sanusi also drew attention to what he described as a disconnect between Nigeria’s financial flows and its relatively weak economic growth.
Citing figures presented at the event, he said OPay recorded transactions of about $368 billion last year, compared with Nigeria’s nominal Gross Domestic Product (GDP) of roughly $300 billion, while economic growth stood at about three per cent.
He cautioned that high transaction volumes should not automatically be interpreted as evidence of increased production, income or improved living standards.
“Opening an account, moving money, is not the same as earning money. It’s not the same as moving out of poverty,” Sanusi said.
He stressed that financial-sector expansion must be supported by fiscal, structural and investment policies capable of increasing production and creating employment and income.
Sanusi said financial institutions should help move money through productive value chains — from farmers to markets and manufacturers — rather than facilitate financial activity disconnected from the production of goods and services.
He also called for greater policy continuity and the scaling of successful financial infrastructure, including systems capable of improving access to credit, insurance and pensions.
The former CBN governor further acknowledged that fintech companies, payment service banks and other digital platforms have expanded financial inclusion, while admitting that he was wrong to have delayed the entry of telecommunications companies into Nigeria’s financial-services space during his tenure.
He said the next phase of Nigeria’s financial development should go beyond increasing access to financial services and focus on connecting financial flows with information, physical production and knowledge.
Sanusi’s remarks come amid continuing efforts to stabilise Nigeria’s monetary and fiscal environment, with the former CBN governor stressing that monetary reforms alone cannot deliver sustainable economic growth without complementary fiscal and structural reforms.
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