Nigeria Determined to Sustain Economic Reforms — CBN Governor Olayemi Cardoso

The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has reaffirmed the Federal Government’s determination to sustain its economic reform agenda, stating that there will be no room for “reform fatigue” as the nation pushes forward with measures to stabilise and strengthen the economy.

Speaking with journalists after Nigeria’s participation in the 2025 Annual Meetings of the International Monetary Fund (IMF) and the World Bank in Washington DC, Cardoso noted that the country’s delegation returned with renewed confidence from the global community and a clear commitment to maintain fiscal discipline and economic resilience.

He emphasised that the current policies are beginning to yield results and must be sustained. “If we allow reform fatigue to set in, we risk losing the progress we’ve made. It takes time, but the results are already showing—particularly with inflation trending downward” he said.

Cardoso also announced that Nigeria will assume the chairmanship of the Intergovernmental Group of Twenty-Four (G-24) on International Monetary Affairs and Development from Argentina on November 1, 2025. He described this development as a vote of confidence in Nigeria’s leadership and an acknowledgment of its growing influence in global economic governance.

According to him, discussions with global financial institutions, investors, and rating agencies revealed an appreciation of the progress Nigeria has made so far. He highlighted that headline inflation has declined for six consecutive months, dropping to 18.02 percent in September—the lowest in three years—while the naira has continued to stabilise, with the difference between the official and parallel market rates now below two percent.

The CBN Governor further disclosed that the country’s foreign reserves have risen to over $43 billion, covering more than eleven months of imports, reflecting growing investor confidence and improved capital inflows. He noted that the government’s ongoing drive for fiscal prudence, improved revenue collection, and reduced expenditure have created more room for investment in critical sectors such as infrastructure, education, and healthcare.

On the financial sector, Cardoso reiterated that the ongoing bank recapitalisation exercise is on track, aimed at strengthening Nigerian banks and positioning them for global competitiveness. He also reaffirmed the CBN’s dedication to advancing fintech innovation, describing the sector as vital to Nigeria’s economic transformation. “Innovation and regulation must go hand in hand, built on a foundation of trust and sustainability. Our fintech industry represents the creativity and resilience of Nigerians,” he said.

Cardoso added that Nigeria is actively participating in shaping global policy discussions on stablecoins and digital currencies to ensure innovation does not undermine financial stability or sovereignty.

Minister of State for Finance, Dr. Doris Uzoka-Anite, who was also part of the delegation, stated that Nigeria’s engagements at the World Bank’s Human Capital and Conflict Forum reflected the government’s focus on creating a job-driven economy. She explained that with increased revenues and ongoing tax reforms, the government is investing more in agriculture, infrastructure, and the digital economy to open up job opportunities for young Nigerians and women entrepreneurs.

She added that new partnerships with development agencies, including the World Bank’s agricultural innovation initiative, would enhance access to funding for youth and women-led agribusinesses across the country.

Cardoso concluded that Nigeria’s participation at the meetings reaffirmed its credibility among the international community. “Nigeria’s story is one of resilience and determination — a nation combining discipline with courage to build a stable, inclusive, and innovative economy” he said.