By Anthony Emeka Nwosu
At the close of the 2025 International Monetary Fund (IMF) and World Bank Spring Meetings in Washington D.C., Central Bank of Nigeria (CBN) Governor Olayemi Cardoso delivered an optimistic and reform-driven message at a media briefing with Nigerian journalists, reaffirming Nigeria’s commitment to macroeconomic stability and inclusive growth.
Addressing the press, Governor Cardoso described the week as one of “highly productive engagements” with global financial leaders, international investors, and members of the Nigerian diaspora. According to him, the CBN delegation leveraged the global forum to spotlight Nigeria’s ongoing economic reforms and to explore strategies to deepen stability, enhance the financial sector, and stimulate broad-based growth.
“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 stated. Cardoso noted that investor confidence in Nigeria has been notably revived, with global financial stakeholders acknowledging the country’s improving economic fundamentals. This renewed confidence, he said, has been further validated by Fitch Ratings’ recent upgrade of Nigeria’s credit outlook, which underscores international recognition of the nation’s disciplined policy reforms.
Tackling the issue of inflation, Governor Cardoso was candid. “We recognize that inflation remains the most disruptive force to the economic welfare of Nigerians,” he said, affirming that the CBN’s current policy direction is squarely focused on sustainably reducing inflation to single digits. “Our goal is to restore price stability, protect household purchasing power, and lay the foundation for long-term investment.”
Highlighting improvements in Nigeria’s external reserves and balance of payments, Cardoso revealed that foreign reserves now exceed $38 billion—equivalent to nearly ten months of import cover. He also reported that in 2024, the country recorded a balance of payments surplus of $6.83 billion, the highest in years, driven by rising exports and increased capital inflows.
Investor sentiment, both from global financiers and the Nigerian diaspora, was described as overwhelmingly positive. “Nigeria is increasingly recognized as a rising economic force, admired for the resolve shown in implementing difficult but necessary reforms,” Cardoso noted.
On the banking sector, the CBN Governor emphasized the progress of the ongoing recapitalization efforts. He assured stakeholders that the process is gaining momentum and is broadly supported. “This will ensure that Nigerian banks are fully equipped to support the real economy with greater scale, stability, and capacity,” he added.
Concluding his address, Governor Cardoso reassured Nigerians of the government’s unwavering resolve. “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,” he said.
“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,” Cardoso concluded.
