The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said that Nigeria has built strong economic buffers and resilience to withstand global and domestic financial shocks through proactive policy measures and early structural reforms.
Cardoso made the statement during a media briefing by the Group of 24 (G-24) held on the sidelines of the ongoing International Monetary Fund (IMF) and World Bank Annual Meetings in Washington D.C., United States.
According to the apex bank chief, Nigeria’s recent economic reforms have positioned the country more securely to absorb potential external pressures. “Nigeria was fortunate to have implemented key reforms earlier than expected, which enabled us to build resilience and buffers against potential shocks,” Cardoso said.
He explained that several analysts and global financial observers monitoring Nigeria’s macroeconomic indicators have expressed confidence in the direction of current policies. Cardoso noted that while crude oil remains the most vulnerable export commodity, the country has managed to contain the risks effectively. “For us, oil remains the most exposed commodity, but the impact has been modest so far,” he added.
Cardoso further stated that the unification of Nigeria’s foreign exchange rates has played a key role in stabilising the economy. He said the policy has made the naira more competitive and boosted the country’s balance of trade position, which is now projected to record a surplus of about six per cent of Gross Domestic Product (GDP) in the coming quarters.
“The exchange rate reform is helping us achieve a more competitive naira and improve our external position. We are now seeing positive trade figures that indicate stronger resilience and better performance in the real sector,” he said.
According to him, Nigeria is undergoing a major economic transformation that focuses on creating a market-reflective exchange rate, encouraging domestic production, and reducing over-dependence on imports. Cardoso emphasised that such changes are designed to make the Nigerian economy more productive, sustainable, and globally competitive.
He also highlighted the role of the G-24 in strengthening the representation of developing economies within international financial systems such as the IMF and the World Bank. He commended Argentina for its leadership in promoting unity among member countries and ensuring their collective interests are better represented.
“The G-24 has successfully secured a stronger and more effective seat at the table, ensuring that developing economies have their voices heard in shaping global financial policy,” Cardoso stated. “This represents significant progress, and I believe these efforts will deepen further in the years ahead.”
The G-24 is a coalition of developing countries that advocate for fairer representation and equitable policy treatment for emerging economies within the global financial architecture. Nigeria’s active participation, according to Cardoso, reflects its commitment to global economic stability and inclusive growth.
Cardoso’s remarks come at a time when Nigeria continues to implement a series of fiscal and monetary reforms aimed at stabilising the naira, reducing inflation, and improving investor confidence. The reforms, which began in mid-2023, include the removal of petrol subsidies, unification of the exchange rate, and tighter monetary policies to control liquidity and inflation.
Economic analysts have noted that while the reforms are painful in the short term, they are essential for long-term stability. The CBN governor reaffirmed that the institution will continue to focus on strengthening price stability, maintaining transparency in monetary policy, and supporting the productive sectors of the economy.
He assured that the CBN remains committed to working with other financial institutions and development partners to build an economy that can withstand future shocks and attract sustainable investments.
“The ongoing reforms are positioning Nigeria for sustainable growth,” Cardoso concluded. “We are confident that with discipline and continued policy alignment, the country will emerge stronger and more resilient in the years to come.”
