The bold reforms undertaken over the past two years, made Nigeria the cynosure of all eyes at the just concluded 2025 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group. Central Bank of Nigeria (CBN) Governor, Mr. Olayemi Cardoso, disclosed this yesterday at a press briefing in Washington, D.C. to mark the conclusion of the meetings.
Specifically, he said that these reforms have set a strong foundation for Nigeria to pursue the next phase of its economic agenda anchored on inclusive growth, job creation, and poverty reduction. The banking watchdog chief said the meetings provided Nigeria with a platform to showcase the tangible progress of its reform agenda and reaffirm her commitment to macroeconomic stability, fiscal discipline, and inclusive growth.
He said the Nigerian delegation, which included Minister of State for Finance, Dr. Doris Uzoka-Anite, held several engagements with the IMF, World Bank, International Finance Corporation (IFC), rating agencies-Fitch, Moody’s, and Standard & Poor’s- as well as global investors, fintech executives, development partners, and Central Banks.
“The tone throughout has been one of confidence and constructive partnership,” Cardoso explained. “There is broad recognition that Nigeria’s reforms are delivering results. Inflation is moderating, the exchange rate has stabilised, and investor confidence is returning.”
He said Nigeria’s focus remains steadfast strengthening fundamentals, advancing reforms, and unlocking opportunities for sustainable investment and inclusive growth. “Fiscal and monetary authorities are working seamlessly to sustain stability, deepen reforms, and ensure that the benefits of policy actions translate into tangible improvements in the lives of Nigerians,”
The apex bank chief explained, adding: “We return home encouraged by the confidence reaffirmed in our mission, determined to sustain this trajectory of stability, discipline, and shared prosperity. “Our story is one of resilience of a nation aligning courage with conviction to build a more competitive, innovative, and inclusive economy.”
Besides, he said that headline inflation fell for the sixth consecutive month in September to 18.02 per cent, from 20.12 per cent in August -the lowest in three years. Similarly, he said the Naira continues to strengthen, with the spread between the official and parallel market rates narrowing to below two per cent.
Cardoso added that Nigeria’s foreign reserves now stand above $43 billion, providing more than 11 months of import cover, driven by sustained inflows and renewed investor participation across asset classes. He also said that public finances are in better shape, with improved revenue mobilisation, reduced cost of governance, and rising non-oil earnings that have strengthened fiscal stability.
“The removal of fuel subsidies and expenditure rationalisation have helped to rebalance public finances and create fiscal space for productive investment,” he said, “Critical initiatives around infrastructure and human capital development were creating new opportunities for private sector capital deployment.”
On monetary policy, the CBN Governor reaffirmed that orthodoxy had been restored, with the apex bank relying on traditional tools such as the Monetary Policy Rate (MPR), Cash Reserve Requirement (CRR), and Liquidity Ratio to manage liquidity and anchor expectations.
“Advanced analytics and Artificial Intelligence are being leveraged to strengthen monetary operations, enhance forecasting, and improve policy transmission—ensuring decisions are data-driven and forward looking,” he said. The banking watchdog chief said that the bank recapitalisation exercise was progressing steadily, making Nigerian banks stronger, more resilient, and globally competitive, while foreign exchange reforms had enhanced transparency and efficiency in the market.
Cardoso added that Nigeria’s assumption of the chairmanship of the Intergovernmental Group of 24 (G-24), effective November 1, 2025, was a major milestone that reflected international confidence in the country’s leadership and growing influence in shaping the global financial architecture.
