Former Central Bank of Nigeria Governor and Emir of Kano, Muhammadu Sanusi II, has once again pointed to systemic governance failures and entrenched economic mismanagement as the core reasons Nigeria is reeling under one of its worst economic crises in decades.

Speaking during a recent interview on Channels Television, Sanusi said the country’s economic downfall was predictable — a result of rent-seeking elites and leaders who ignored sound economic advice.

“Look, I’m known to have spoken for a long time on the economy and to have warned over a decade ago that this is where we’re headed. I don’t think anyone who studied Economics is surprised that Nigeria is where it is today.

“We spent decades pursuing policies that were destined to bankrupt the economy,” he said.

Sanusi’s latest remarks revive lingering questions about the origins of Nigeria’s current economic woes, a crisis that has its roots in 2015, when Muhammadu Buhari assumed office as president during a collapse in global oil prices. At the time, oil, which accounted for over 70% of government revenue and 90% of foreign exchange, plunged to $50 per barrel. Coupled with poor economic policies, Nigeria, Africa’s largest economy at the time, was pushed into recession in 2016.

Rather than adopt structural reforms, Buhari’s government doubled down on heavy centralization and control. The Central Bank of Nigeria (CBN), under Godwin Emefiele, tightened forex restrictions, shut out investors, and printed trillions of naira to fund budget shortfalls. Debt soared. Inflation crept up. Investment fled. And yet, the leadership maintained that it was building a “self-sufficient economy” — a claim belied by the rising cost of food and basic necessities.

Sanusi, who had been ousted as CBN governor in 2014 for alleging a $20 billion graft in NNPC accounts, repeatedly warned that the policies under Buhari’s administration were unsustainable. His voice, however, was largely sidelined — not just by government officials, but also by powerful interests who benefited from the broken system.

By 2023, Nigeria was deeper in debt than ever before. Public debt surpassed N87 trillion, inflation stood at a 28-year high, and over 80 million Nigerians were classified as multidimensionally poor, lacking access to food, healthcare, and housing. The naira lost nearly 70% of its value following the floating of Nigeria’s foreign exchange market and the removal of fuel subsidy.

“We refuse to listen; every argument, every rational argument against the path that we were following, was met with resistance.

“Those who controlled the narrative were the beneficiaries of this system of rent seeking, and therefore, anyone who was seen as a threat to that system was a target.

He cited the late Head of State, Murtala Muhammed, as a leader who had a vision for economic sovereignty. According to Sanusi, Murtala’s nationalization efforts aimed to break foreign control of key sectors and empower Nigerian entrepreneurs, not perpetuate rentier elites.

“He was not a socialist. He was not a communist. He was a bourgeois nationalist to the extent that he pursued policies that did not really confront capitalism, but tried to ensure that the capital in the country was transferred to the hands of Nigerians.

“It was part of his anti-colonial struggle. So when you look at the indigenous decrees, when you look at opening up the economy to Nigerians, the idea was to create a Nigerian capitalist class that would take over from imperialism,” he said.

“And, and I think this was his major ideological shift from a neo-colonial system to a bourgeois nationalist system.”

The former emir’s comments come amid growing unrest and frustration across the country. Protests have broken out across the country over the rising cost of living. Food inflation reached 40%, amid the squeezed spending power of Nigerians, not eased by the newly negotiated minimum wage of N70,000 per month, which is considered too meager to change the trajectory.

President Bola Tinubu, who came into power in 2023, has tried to introduce reforms, including floating the naira and removing petrol subsidies, but Nigerians say his measures have worsened the hardship without delivering results. While Tinubu’s government blames the past administration for the economic chaos, Sanusi’s position is that nothing has changed, as the rot is systemic and deeply entrenched.

Apple’s stock rallied nearly 7% on Thursday in a dramatic rebound, after the company sealed a landmark investment agreement with President Donald Trump’s administration — a move widely seen as a tactical retreat from a looming conflict.

The $100 billion U.S. investment pledge marks a defining moment in Apple’s years-long dance with Washington, especially as the Trump White House ramps up pressure on companies to shift production back to American soil.

The investment, announced Wednesday, expands on a previous $500 billion commitment Apple made in February. According to details released by the company, the new pledge includes a $2.5 billion fund earmarked for building a domestic facility to manufacture iPhone glass, a key component long sourced from overseas. Apple said the facility will help create thousands of jobs and deepen the company’s footprint across U.S. manufacturing, supply chains, and research.

The timing was crucial. Just hours later, Trump appeared in the Oval Office to announce a 100% tariff on imported chips and semiconductors — a sweeping measure targeting foreign-manufactured tech components. But in a move that stunned markets, he said companies like Apple that are building or have committed to building in the U.S. will be exempt.

“We’re going to be putting a very large tariff on chips and semiconductors,” Trump said. “But the good news for companies like Apple is if you’re building in the United States or have committed to build… there will be no charge.”

The market responded immediately. Apple’s stock surged 6.78%, recovering some of the steep losses it has suffered throughout the year amid trade tensions and supply chain threats. The Nasdaq Composite, dominated by tech stocks, rose 0.35%, buoyed by the optimism surrounding the announcement, even as other major indexes closed in the red.

A Deal Born of Pressure

Analysts say the deal is a calculated win for Apple, which had come under intense scrutiny from Trump throughout his presidency. Since taking office, Trump has repeatedly criticized Apple for manufacturing its flagship iPhones abroad, particularly in China, and called on CEO Tim Cook to move more of the company’s operations home.

Earlier this year, the Trump administration declared that Apple would face a 25% tariff on iPhones and other products assembled outside the United States. The threat triggered a sharp selloff in Apple shares and sowed uncertainty among investors, with many concerned about the company’s heavy reliance on its China-based supply chain.

While Apple has historically resisted political pressure to manufacture at home, citing costs, workforce scale, and infrastructure, analysts say this latest deal reflects a pragmatic shift. The company is choosing strategic investment over confrontation, using capital deployment as a shield against escalating tariffs.

Trump’s Tariff Leverage

The deal also underscores Trump’s growing influence over corporate decision-making through the threat of tariffs. The 100% levy on imported chips — one of the harshest measures yet — was immediately seen as a signal to other tech firms to bring manufacturing to the U.S., or pay up.

Trump’s administration has used similar tactics in the past, but the exemption granted to Apple was notable for both its scale and its political optics. The White House appears to be rewarding Apple’s cooperation with protection, a sharp departure from the confrontational tone that previously defined Trump’s relationship with Silicon Valley.

“This is a remarkable turn,” CNBC’s Jim Cramer said. “The pin action from the Apple deal with the White House reverberated through almost all of tech, making it a terrific sector to own.”

Cramer noted that Apple’s swift climb back into investor favor was not simply about the tariff relief, but a broader realignment of the company’s priorities in the face of geopolitical tension. He speculated on how rivals like Samsung would fare under the new policy, questioning whether they’d be subjected to the full 100% duty or benefit from South Korea’s recently negotiated 15% trade deal.

Beyond Tariffs

Apple’s pivot is not just about dodging Trump’s tariffs. The $100 billion pledge may also set the stage for a broader reshaping of its global strategy. Apple could be laying the groundwork for long-term supply chain diversification — an effort that gained urgency during the COVID-19 pandemic and the U.S.-China tech decoupling, by investing heavily in U.S. infrastructure.

There’s also a reputational benefit. At a time when tech companies face scrutiny for offshoring and tax avoidance, Apple’s massive investment in American jobs could help soften criticism, both from the White House and the public.

Still, skeptics warn that the company may be overextending itself financially. Some analysts note that Apple is committing enormous resources amid softening iPhone demand and growing competition in emerging markets.

But for now, the market is cheering. With tariff threats receding and Trump signaling approval, Apple appears to have defused a major political risk — and done so on its own terms.

“You need to think about the last 24 hours and where this Apple stock has come from,” Cramer said. “You need to know that this is why I say own Apple, don’t trade it.”