The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has reiterated the Federal Government’s resolve to sustain its ongoing economic reforms, assuring that Nigeria will not allow “reform fatigue” to undermine the progress already achieved in stabilising the economy.
Speaking during a press briefing at the 2025 Annual Meetings of the International Monetary Fund (IMF) and the World Bank in Washington DC, Cardoso said the Nigerian delegation returned home encouraged by renewed investor confidence and determined to maintain discipline, stability, and inclusive growth.
“We want to ensure that our policies remain consistent and that reform fatigue does not set in,” he stated. “If we relax now, we risk losing the gains we’ve made. Nigerians will soon begin to feel the impact as inflation continues to decline.”
Nigeria to Chair G-24
Cardoso announced that Nigeria will assume the chairmanship of the Intergovernmental Group of Twenty-Four (G-24) on International Monetary Affairs and Development effective November 1, 2025, taking over from Argentina. He described the development as a recognition of Nigeria’s growing influence in global economic policy.
“This marks another milestone in Nigeria’s leadership role in shaping global financial architecture,” he said, commending outgoing chair Luis Caputo and Dr. Iyabo Masha, Director of the G-24 Secretariat, for their leadership.
Positive Reform Outcomes
According to Cardoso, engagements with the IMF, World Bank, and international investors revealed broad consensus that Nigeria’s reforms are producing tangible results.
He highlighted that headline inflation has dropped for six consecutive months to 18.02 percent in September, the lowest in three years, while the naira has strengthened significantly, with the gap between official and parallel market rates narrowing to under two percent.
“Foreign reserves now exceed $43 billion, offering more than eleven months of import cover,” he revealed. “These achievements reflect renewed investor confidence and strong inflows across sectors.”
Cardoso further noted that the Federal Government is improving fiscal discipline through better revenue mobilisation, cost-cutting, and subsidy reforms—measures that have helped stabilise public finances and enable greater investment in infrastructure, health, and education.
Bank Recapitalisation and Fintech Growth
On the financial sector, the CBN Governor said the bank recapitalisation programme is advancing smoothly to ensure Nigerian banks remain strong, resilient, and globally competitive.
He also commended Nigeria’s fintech industry, describing it as a driving force for the country’s digital transformation.
“Innovation and regulation must progress hand in hand,” he noted. “Our fintechs represent Nigeria’s creativity and resilience. We are building a digital financial future rooted in innovation, integrity, and inclusion.”
Cardoso added that Nigeria intends to play an active role in shaping global regulations for stablecoins and digital currencies, ensuring innovation supports financial inclusion without undermining national sovereignty.
Job Creation and Economic Inclusion
Also speaking at the event, Minister of State for Finance, Dr. Uzoka-Anite, said Nigeria’s participation in the World Bank’s Human Capital and Conflict Forum aligns with the government’s agenda of creating “job-rich growth.”
“With improved revenue and ongoing tax reforms, we expect increased investment in infrastructure, agriculture, and the digital economy,” she said. “These efforts will generate jobs, particularly for youth and women entrepreneurs.”
She added that partnerships with international development institutions, including the World Bank’s new agricultural innovation programme, would expand access to finance for small businesses and agripreneurs.
Restoring Global Confidence
Cardoso concluded that Nigeria’s engagements in Washington reflected the nation’s commitment to credibility, policy consistency, and sustained reform momentum.
“Our story is one of resilience and renewal,” he said. “Nigeria is aligning courage with conviction to build a stronger, more competitive, and inclusive economy.”
