Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has said that the economic reforms of the Tinubu Administration are not easy, but they are delivering results.
“We have moved from a position of vulnerability toward one of growing strength, and our economic trajectory is beginning to turn positive,” he said.
Speaking at the Nigerian press briefing at the conclusion of the 2025 IMF/World Bank Spring Meetings in Washington, D.C., on Saturday, Cardoso delivered a strong message of progress, stability, and commitment to reform.
in his address to the press, he said: “This past week has been one of highly productive engagements with global financial leaders, investors, and members of the Nigerian diaspora”.
According to him, the CBN delegation used the Meetings “as a platform to spotlight Nigeria’s bold economic reforms and explore further measures to enhance macroeconomic stability, strengthen our financial system, and drive inclusive growth for all Nigerians”.
He added: “Thanks to the steps taken over the past 18 months, we have strengthened our monetary buffers and positioned Nigeria to better withstand external shocks”.
He said these steps have significantly bolstered investor confidence in Nigeria’s market fundamentals, with leading voices from across the global financial system going on record to affirm the country’s economic progress and renewed standing as a compelling investment destination.
“This growing confidence is further reinforced by Fitch’s recent upgrade of Nigeria’s credit outlook – underscoring international recognition of our disciplined reforms and the bold steps we are taking to restore macroeconomic stability.
“We recognise that inflation remains the most disruptive force to the economic welfare of Nigerians… our policy stance is firmly focused on bringing inflation down to single digits in a sustainable manner over the medium term.
“Our goal is to restore price stability, protect household purchasing power, and lay the foundation for long-term investment”.
Cardoso pointed out that Nigeria’s external buffers show strength, adding, “Our foreign reserves now exceed $38 billion, providing nearly ten months of import cover.
“In 2024, Nigeria recorded a balance of payments surplus of $6.83 billion, the strongest in many years, driven by rising exports and renewed capital inflows”.
Investor sentiment is positive, he said.
“Feedback from global investors and the Nigerian diaspora has likewise been overwhelmingly positive, reflecting growing alignment with our economic direction… Nigeria is increasingly recognized as a rising economic force, admired for the resolve shown in implementing difficult but necessary reforms”.
On the banking sector, the CBN chief said: “The banking sector recapitalisation is well underway, with strong momentum and stakeholder alignment, and will ensure that Nigerian banks are fully equipped to support the real economy with greater scale, stability, and capacity”.
In closing, Cardoso offered a word of reassurance to citizens, saying: “To all Nigerians: these reforms are not easy, but they are delivering results. We have moved from a position of vulnerability toward one of growing strength, and our economic trajectory is beginning to turn positive.
“We return home mindful of global challenges yet filled with renewed commitment to stay the course and build on our gains in stability and resilience”.
