Emir of Kano Muhammadu Sanusi II urges financial diversification and warns of import risks

Muhammadu Sanusi II, the Emir of Kano, has advocated for broader financial engagement and criticized current import policies in Nigeria. During the launch of the UTL Kano office and the Ultimate Halal Fund, Sanusi urged the public to expand their financial portfolios beyond simple savings and loans to include insurance and other Shari’a-compliant products. He noted that such services are essential for protecting businesses against disasters like fire, theft, or sabotage.

Separately, Sanusi warned that Nigeria’s policy of opening markets to food imports, such as rice from Thailand, has had detrimental effects on the domestic economy. While the move helped lower food prices following the removal of the petrol subsidy, Sanusi stated it wiped out local rice mills and resulted in significant bad loans for banks invested in the agricultural value chain. He argued that the government should find ways to support vulnerable households without undermining domestic production and long-term food security.