The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has reaffirmed the bank’s commitment to ensuring long-term economic stability, financial inclusion, and policy transparency as Nigeria continues with its economic reforms.
Cardoso made this known on Sunday via a post on his official X (formerly Twitter) account. He highlighted some of his recent engagements with international investors, development partners, academics, and Nigerians in the diaspora. According to him, the increasing global interest in Nigeria shows that the country is gaining momentum and moving in the right direction despite the challenges that come with reform.
He said, “The growing interest in Nigeria is encouraging, and the momentum is real.” Cardoso had earlier delivered a keynote address at the first international virtual conference on Sustainable Development in Africa. The conference was organised by the University of Nigeria, Nsukka, in partnership with the Consortium for Sustainable Development in Africa.
The CBN governor said he was inspired by the opportunity to speak directly to Nigerian students, who he described as the country’s future leaders. He used the occasion to explain the central bank’s vision for sustainable economic development, which is centred on financial inclusion, consumer protection, and building resilience in the economy over time.
Cardoso also spoke about efforts to increase Nigeria’s engagement with the international financial community. He mentioned a high-level forum that was held at the Nasdaq MarketSite in New York, in collaboration with JP Morgan and the Nigerian Exchange Group. The event took place just before the 2024 Spring Meetings of the International Monetary Fund (IMF) and the World Bank.
“Our goal was clear: open the books, share the facts, and forge stronger long-term partnerships,” he said. Cardoso noted that many international financial experts praised Nigeria’s progress during the forum and recognised the country as a reliable and credible investment destination.
He added that the confidence in Nigeria’s reform efforts was boosted by Fitch Ratings’ recent upgrade of the country’s economic outlook. Cardoso also participated in a one-on-one discussion with Nobel Laureate, Professor James Robinson, where they talked about the importance of building strong and trustworthy institutions as a foundation for economic growth and prosperity.
Following the New York event, Cardoso, alongside Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, led Nigeria’s delegation to the IMF/World Bank Spring Meetings in Washington, D.C. During the meetings, they engaged with development partners, rating agencies, international institutions, and members of the global press to share progress made under the current reform agenda.
Cardoso listed some of the results achieved so far, such as improvements in macroeconomic stability, serious efforts to reduce inflation, stabilisation of the foreign exchange market, growth in external reserves, and increasing investor confidence.
“These reforms are demanding, but they are delivering positive results. We are moving Nigeria’s economy from a place of vulnerability toward strength,” he said. He acknowledged that the process would require sacrifice from everyone but stressed that discipline, cooperation, and consistency are the keys to building a stronger economy.
The CBN governor concluded by assuring Nigerians and the international community that the apex bank remains committed to excellence, transparency, and positioning Nigeria for a better and more resilient economic future.
