Citing macroeconomic reforms and policy buffer implemented by the current administration over the last two years, Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has said that Nigeria is now “in a far stronger position” to navigate global shocks occasioned by the ongoing conflict in the Middle East.
He stated this while delivering the “Distinguished Alumni Lecture” at the 2026 Annual Founders Day celebration organised by the St. Gregory’s College Old Boys’ Association in Lagos yesterday.
The CBN Governor, who contrasted the present high investor interest in Nigeria with the dire situation prior to 2024 when foreign exchange scarcity and general uncertainty led to the country experiencing a significant exodus of foreign multinational companies and investors, stated that the success of the reforms of the last two years has given the country the strong financial foundations that are enabling the economy to withstand shocks and support sustainable growth.
He noted that just as students are likely to excel in their chosen careers if they were lucky to have attended a good school that gave them the right foundation, the success of reform measures depends on the strength of their foundations.
Cardoso stated that the theme of the lecture, “Strong Foundations: From the Classroom to the Capital Base,” is a reminder of the fact that, “the principles that shape strong individuals are the same principles that ultimately shape strong institutions and strong economies.”
He said: “The mission of a school is not simply to transfer knowledge; it is to develop discipline, instill integrity, encourage responsibility, and nurture intellectual curiosity.
These qualities form the foundation upon which individuals build their lives. But the same principle applies to institutions and to economies. “Economic systems do not thrive on optimism alone, they require discipline, credible institutions, sound policy frameworks, and resilient financial systems. Just as education equips a young person to navigate uncertainty, strong financial foundations equip an economy to withstand shocks and support sustainable growth.
“The importance of strong foundations becomes most evident when they are tested. In recent years, Nigeria’s economy faced a convergence of pressures: macroeconomic imbalances, volatility in foreign exchange markets, inflationary pressures, and structural inefficiencies created uncertainty across the economic landscape. In essence, the financial system had been pushed to the brink.
