Market News

BY Sami Tunji

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has reiterated the apex bank’s commitment to promoting long-term economic stability, financial inclusion, and policy transparency as Nigeria deepens its reform agenda.

Cardoso disclosed this on Sunday through a post on his official X (formerly Twitter) page, where he shared highlights of his recent engagements with key stakeholders across the world, including global investors, development partners, academics, and members of the Nigerian diaspora.

According to him, the growing interest in Nigeria from international audiences is encouraging and reflects the country’s positive momentum amid ongoing reforms. “The growing interest in Nigeria is encouraging, and the momentum is real,” Cardoso said.

Earlier in April, the CBN governor delivered the keynote address at the inaugural international virtual conference on Sustainable Development in Africa, organised by the University of Nigeria, Nsukka, in collaboration with the Consortium for Sustainable Development in Africa.

Cardoso said the opportunity to speak directly to students, described as Nigeria’s next generation of leaders, served as a powerful reminder of what is at stake.

He explained that the CBN’s vision for sustainable development is anchored on financial inclusion, consumer protection, and building long-term economic resilience.

Cardoso also highlighted the CBN’s efforts to deepen Nigeria’s engagement with the global financial community.

In collaboration with JP Morgan and the Nigerian Exchange Group, he said a high-level forum was hosted at the Nasdaq MarketSite in New York, ahead of the 2024 IMF/World Bank Spring Meetings.

“Our goal was clear: open the books, share the facts, and forge stronger long-term partnerships,” Cardoso stated.

The CBN governor noted that the forum produced positive outcomes, with leading voices across the global financial system affirming Nigeria’s economic progress and renewed credibility as a viable investment destination.

He said the growing international recognition of Nigeria’s reforms was further strengthened by Fitch Ratings’ recent upgrade of the country’s economic outlook.

Cardoso revealed that he participated in a fireside chat with Nobel Laureate Professor James Robinson at the New York event, where they discussed the importance of building credible institutions to foster trust and prosperity. He said he used the occasion to reaffirm the CBN’s commitment to transparency and policy consistency — values that he described as crucial anchors of Nigeria’s reform journey.

Following the forum, Cardoso stated that he, alongside the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, led Nigeria’s delegation to the IMF/World Bank Spring Meetings in Washington, D.C.

There, they engaged with development partners, international financial institutions, rating agencies, and members of the global media to share the tangible outcomes of Nigeria’s ongoing reforms.

He listed some of the results achieved so far, including restored macroeconomic stability, a determined effort to combat inflation, the normalisation of the foreign exchange market, rising external reserves, and growing investor interest.

“These reforms are demanding, but they are delivering positive results. We are moving Nigeria’s economy from a place of vulnerability toward strength,” Cardoso said.

While acknowledging that the reform process requires sacrifice, the CBN Governor emphasised that Nigeria’s road to economic recovery would be built on discipline, collaboration, and continuity.

He assured that the apex bank remains unwavering in its commitment to excellence and in positioning Nigeria for a more resilient and prosperous future.