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The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has reiterated the Federal Government’s determination to sustain ongoing economic reforms, assuring that Nigeria will not succumb to “reform fatigue” as it works to consolidate recent gains in economic stability and investor confidence.
Speaking during a press briefing on Nigeria’s participation at the 2025 Annual Meetings of the International Monetary Fund (IMF) and the World Bank in Washington, D.C., Cardoso emphasized that the government remains focused on ensuring policy consistency and continuity.
“We want to ensure that the policies we have already applied stay the course and that we don’t allow reform fatigue to set in,” Cardoso said. “The danger of allowing reform fatigue is that we may lose all the gains already achieved. Nigerians will soon begin to feel the benefits as inflation continues to trend down.”
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 from November 1, 2025, taking over from Argentina. He described the appointment as a recognition of Nigeria’s increasing leadership role in the global financial system.
“This milestone highlights our country’s rising influence in shaping global financial architecture,” Cardoso noted, while commending outgoing chair Mr. Luis Caputo and Dr. Iyabo Masha, Director of the G-24 Secretariat, for their contributions.
The CBN Governor revealed that discussions with international financial institutions and investors during the meetings reflected broad confidence in Nigeria’s reform agenda. According to him, headline inflation fell for the sixth consecutive month to 18.02% in September, its lowest level in three years, while the naira continues to strengthen — with the exchange rate gap between official and parallel markets narrowing to under 2%.
He added that foreign reserves now exceed $43 billion, providing more than 11 months of import cover, a development he attributed to improved investor sentiment and increased capital inflows.
Fiscal and Financial Sector Stability
Cardoso highlighted the Federal Government’s progress in improving fiscal discipline through enhanced revenue mobilisation, cost-cutting, and subsidy reforms, which have supported macroeconomic stability and created fiscal space for investments in infrastructure, health, and education.
He further noted that the ongoing bank recapitalisation programme is advancing well, designed to strengthen the resilience and competitiveness of Nigerian banks in the global financial landscape.
On the fintech sector, Cardoso underscored its growing importance to Nigeria’s digital economy, emphasizing that innovation and regulation must evolve in tandem.
“Our fintechs are ambassadors of Nigeria’s creativity and resilience,” he said. “We want to ensure that our digital financial future is built on innovation, integrity, and inclusion.”
Cardoso also reaffirmed Nigeria’s commitment to playing an active role in shaping global regulatory frameworks for stablecoins and digital currencies, stressing the need to balance innovation with financial sovereignty and stability.
Government Focused on Job Creation and Inclusion
Also speaking at the briefing, Dr. Uzoka-Anite, Minister of State for Finance, said Nigeria’s participation in the World Bank Human Capital and Conflict Forum aligns with the government’s priority to build a “job-rich economy.”
“With increasing revenues and ongoing tax reforms, we expect more investment in infrastructure, agriculture, and the digital economy,” she stated. “These efforts will catalyse job creation, particularly for youth and women-led enterprises.”
She added that the government’s collaboration with development partners, including the World Bank’s Agricultural Innovation Programme, would expand access to finance for small businesses and entrepreneurs in the agribusiness value chain.
Confidence and Reform Momentum
Concluding, Cardoso said Nigeria’s engagements at the IMF and World Bank meetings underscored its renewed credibility and reform momentum.
“Our story is one of resilience — a nation aligning courage with conviction to build a more competitive, innovative, and inclusive economy,” he said.
The CBN Governor affirmed that Nigeria remains steadfast in its reform path, ensuring that progress made in stabilising the economy translates into long-term growth, investor confidence, and improved living standards for its citizens.
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