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The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, stated that the bank is prepared to use “all tools at our disposal” to manage inflation effectively. Speaking at the FT Africa Summit 2024 in London, Cardoso emphasized the CBN’s commitment to controlling inflationary pressures, especially in light of rising costs in food and energy.
The summit, which runs from October 29–30 at The Peninsula in London, gathers top executives, financial experts, and policymakers to discuss strategies for driving investment across Africa.
Nigeria’s inflation rate has been climbing, reaching 32.7% in September, driven by the removal of petrol and electricity subsidies and successive devaluations of the naira under President Bola Tinubu’s administration. This inflation surge has been especially prominent in food prices, an area Cardoso acknowledged as “proving stickier.” However, he assured that the CBN is collaborating closely with the government to address these challenges.
Cardoso highlighted Nigeria’s reform efforts as a critical factor in attracting renewed foreign investor interest. He cited recent visits to Nigeria by Citigroup CEO Jane Fraser and JPMorgan’s Jamie Dimon as examples of this rising interest. “There’s significant interest now in Nigeria as the currency stabilization has improved our competitiveness,” he noted.
Despite the naira’s steep devaluation and increased fuel prices, Cardoso reported progress in restoring investor confidence, noting a marked decrease in complaints about foreign exchange accessibility. “The market is now deeper and more accessible,” he added, contrasting the current situation with past issues when only a select few had access to forex.
With these reforms, Cardoso expressed optimism for Nigeria’s economic future, concluding, “The ongoing reforms will put Nigeria in a stronger position for growth.”
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