Cardoso: Nigeria’s Economy On Path To Stability, Inclusiveness, Innovation-Led Growth

Nigeria’s economic reform agenda is delivering tangible results and placing the nation firmly on the path to stability, inclusiveness, and innovation-driven growth, the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has declared.

Speaking at the conclusion of the 2025 Annual Meetings of the International Monetary Fund (IMF) and World Bank Group in Washington D.C., Cardoso said Nigeria’s active participation in the week-long sessions demonstrated the country’s renewed credibility, fiscal discipline, and reform momentum on the global stage.

He described the gathering as “a defining moment for Nigeria,” noting that the delegation’s message of policy consistency and macroeconomic reform had been well received by global investors, development partners, and financial institutions.

He said, “This has been an active and forward-looking week for Nigeria. Amid global uncertainty marked by slowing growth and volatile markets, our engagements here reaffirmed that Nigeria is moving in the right direction, toward macroeconomic stability, fiscal discipline, and inclusive growth.”

The CBN governor was accompanied by the Minister of State for Finance, Dr. Doris Uzoka-Anite, and senior officials from the finance ministry and the apex bank.

Together, they led a series of technical sessions and bilateral meetings with key stakeholders, including the IMF, World Bank, International Finance Corporation (IFC), major credit rating agencies such as Fitch, Moody’s, and Standard & Poor’s, as well as global investors and other central banks.

Cardoso said the engagements reflected a new tone of confidence and constructive partnership.

“There is broad recognition that Nigeria’s reforms are delivering results. Inflation is moderating, the exchange rate has stabilized, and investor confidence is returning,” he stated.

Highlighting recent macroeconomic data, Cardoso said headline inflation fell for the sixth consecutive month in September to 18.02 per cent from 20.12 per cent in August, the lowest in three years.

Core and food inflation, he added, had also eased during the same period, reflecting the combined effects of disciplined monetary tightening, exchange rate unification, and improved market transparency.

The CBN governor disclosed that Nigeria’s foreign reserves now exceed $43bn, providing more than 11 months of import cover, while the naira has continued to strengthen with the gap between official and parallel market exchange rates narrowing to less than two per cent.

These outcomes, he said, have been supported by sustained capital inflows, increased diaspora remittances, and renewed investor participation across multiple asset classes.

Cardoso explained that on the fiscal side, the Federal Government has made significant strides in improving revenue mobilization, cutting waste, and channeling expenditure toward high-impact sectors such as infrastructure, education, and healthcare.

The removal of fuel subsidies and rationalization of public spending, he said, have created fiscal space for productive investments and more targeted social spending.

“Bold reforms undertaken over the last two years have set a strong foundation for Nigeria to pursue the next phase of its economic agenda — driving inclusive growth, creating jobs, and alleviating poverty,” he said.

He noted that public finances are now in better shape, buoyed by rising revenues from the non-oil sector and improved efficiency in government operations.

Reduced insecurity in oil-producing regions and targeted incentives have also attracted over $8bn in new investments into Nigeria’s energy sector.

On the monetary policy front, Cardoso said the CBN has “restored orthodoxy,” reverting to conventional instruments such as the Monetary Policy Rate (MPR), Cash Reserve Requirement (CRR), and Liquidity Ratio (LR) to manage liquidity and guide inflation expectations.

These tools, he explained, are being complemented by advanced analytics and the use of artificial intelligence to enhance forecasting accuracy, strengthen policy transmission, and improve decision-making.

“Our approach is data-driven and forward-looking. We are leveraging technology to ensure that monetary policy remains credible, transparent, and effective,” he noted.

He stressed that financial system stability remains a central focus of the CBN’s work, with the ongoing bank recapitalization programme progressing steadily.

The initiative, he said, is designed to make Nigerian banks stronger, more resilient, and globally competitive, capable of supporting the next phase of the country’s economic expansion.

One of the highlights of the IMF-World Bank meetings, Cardoso revealed, was Nigeria’s assumption of the chairmanship of the Intergovernmental Group of Twenty-Four (G-24) on International Monetary Affairs and Development.

The G-24 coordinates the positions of developing countries on global financial and development issues within the Bretton Woods system.

Nigeria, which succeeds Argentina, will formally assume the chairmanship on November 1, 2025.

Cardoso said the role aligns with Nigeria’s growing voice in shaping the global financial architecture and reflects renewed international confidence in the country’s leadership.

“This milestone underscores Nigeria’s credibility and influence in international economic diplomacy,” he stated, while commending the outgoing chair, for their outstanding leadership.

Cardoso also disclosed that the CBN signed a Memorandum of Understanding with the Central Bank of Angola to deepen cooperation on monetary policy, strengthen financial stability, and enhance regional economic integration.

Beyond macroeconomic issues, the Nigerian delegation engaged extensively with the country’s rapidly expanding financial technology (fintech) ecosystem. The CBN hosted a strategic dialogue with Nigerian fintech leaders under the theme “Shaping the Future of FinTech in Nigeria: Innovation, Inclusion, and Integrity.”

The dialogue, Cardoso said, emphasized the importance of balancing innovation with sound regulation.

“Our fintechs are ambassadors of Nigeria’s creativity, resilience, and global relevance,” he noted.

“Engaging them as partners ensures that our digital financial future is built on innovation, integrity, and inclusion.”

He also observed that a recurring theme in the week’s discussions was the growing prominence of stablecoins in the global financial system.

While acknowledging their potential to improve cross-border payments and financial inclusion, Cardoso said Nigeria would remain proactive in shaping global regulatory frameworks to safeguard monetary sovereignty and financial integrity.

“Innovation must support, not undermine, financial stability and economic sovereignty,” he cautioned.

Cardoso concluded by reaffirming the CBN’s commitment to sustaining macroeconomic stability, deepening structural reforms, and ensuring that policy gains translate into real improvements in the lives of Nigerians.

“Our story is one of resilience of a nation aligning courage with conviction to build a more competitive, innovative, and inclusive economy,” he said.

“We are encouraged by the confidence the international community has reaffirmed in our mission, and we are determined to sustain this trajectory of stability, discipline, and shared prosperity.”

In her remarks, the Minister of State for Finance, Dr. Doris Uzoka-Anite, commended Cardoso’s exemplary leadership of the Nigerian delegation and expressed appreciation for the dedication and professionalism of all team members.

“The outcomes we have achieved this week are a direct result of our strong collaboration,” she said.

“We return home with renewed vigor and vitality, with renewed hope and determination to deliver on our national priorities.”