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The Central Bank of Nigeria (CBN) has announced that Nigeria is currently in the “stabilisation phase” of its economic transformation journey, according to Mr. Olayemi Cardoso, the CBN Governor. This declaration was made during the Nigerian Economic Summit Group (NESG) 2024 Macroeconomic Outlook launch in Lagos.
The theme of the summit was “Economic Transformation Roadmap: Medium-Term Policy Priorities.”
Mr. Cardoso highlighted the alignment between the NESG’s focus on a roadmap and the CBN’s recently launched strategy. He emphasized that both plans share similar visions for the economic future of Nigeria.
The CBN governor outlined the apex bank’s roadmap, emphasizing its commitment to ensuring monetary, price, and financial system stability as catalysts for inclusive growth and sustainable development. The CBN’s strategy revolves around three core themes: price stability, a robust financial system, and good governance.
He acknowledged the NESG’s delineation of three distinct phases in its economic transformation roadmap: stabilisation, consolidation, and acceleration. Mr. Cardoso pointed out that the CBN’s strategy aligns well with the NESG’s call for distinct and interconnected phases in its roadmap.
The stabilisation phase, according to Mr. Cardoso, focuses on stabilizing essential macroeconomic indicators such as inflation rate, GDP growth, fiscal balance, and exchange rate. These indicators are crucial for steering the country towards economic recovery and laying the groundwork for long-term economic transformation.
He expressed confidence that achieving the goals of the stabilisation phase would have a significant and immediate impact on Nigeria’s economic trajectory. Mr. Cardoso emphasized the ongoing internal efforts within the CBN and the broader banking industry to rebuild trust, promote confidence in the economy, and ensure the institution’s respect and reliability.
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