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The Central Bank of Nigeria (CBN) has assured Nigerians that improvements in the country’s macroeconomic indicators will increasingly translate into better conditions for households and businesses as fiscal and monetary reforms begin to deliver broader economic benefits.
CBN Governor Olayemi Cardoso gave the assurance on Tuesday at the 19th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja.
Represented by the Deputy Governor, Economic Policy Directorate, Philip Ikeazor, Cardoso acknowledged concerns that improvements in inflation, economic growth and other macroeconomic indicators had yet to fully reflect in the daily experiences of many Nigerians.
He said closer coordination between monetary and fiscal authorities was aimed at ensuring that the gains from economic stabilisation eventually reach households and businesses.
“I can assure you, all watchers of the economy have acknowledged the macroeconomic stability we have today. But the question that remains on everyone’s mind is, when will the common man feel the full benefits? That is on its way because of this same collaboration that I’m talking about,” Ikeazor said.
Fiscal reforms expected to strengthen economic gains
According to Ikeazor, fiscal reforms currently being implemented are expected to begin producing more visible results and complement measures already introduced by the apex bank.
He specifically pointed to initiatives such as the National Single Window as part of the broader reforms expected to improve economic activity and strengthen the transmission of macroeconomic gains to businesses and individuals.
“Some of the reforms being carried out on the fiscal side will begin to manifest very soon. Some of you are aware of things like the National Single Window, different initiatives that are underway, coupled with the macroeconomic reforms, is what will actually deliver those to the common man,” he added.
The CBN official attributed recent improvements in economic conditions partly to stronger coordination between fiscal and monetary authorities, describing the current level of collaboration as unprecedented.
He also credited President Bola Tinubu with giving the central bank the space to concentrate on its statutory mandate, noting that the CBN’s reforms were implemented in coordination with other stakeholders.
Stability must translate into prosperity
The CBN’s assurance comes as households and businesses continue to contend with elevated living costs, financing expenses and the effects of economic reforms introduced since 2023.
President Bola Tinubu, represented at the conference by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, acknowledged that stronger macroeconomic indicators should not be interpreted as evidence that prosperity has already been achieved.
“Stability has returned. Credibility is rising. Prosperity is coming,” Tinubu said.
He added that the gains recorded so far should be viewed as a foundation rather than the final objective.
“These improvements matter, but we must not mistake macroeconomic stability for economic prosperity. Stability is the foundation. Prosperity is the destination.”
According to the President, the next stage of the reform programme will focus on converting economic stability into investment, production, job creation and improved living standards.
He said the banking and financial services industry would have a major role to play by directing capital towards productive activities within the real economy.
CIBN calls for macro gains to reach households
The President and Chairman of Council of the CIBN, Dr Dele Alabi, said Nigeria had achieved significant progress at the macroeconomic level but stressed that the next challenge was ensuring that the improvements translate into tangible benefits for ordinary Nigerians.
“While significant milestones have been achieved in the country at the macro level, we have not yet reached our final destination,” Alabi said.
He said the gains in macroeconomic fundamentals must be transmitted to households, individuals and businesses.
“It is imperative for the gains made in terms of macroeconomic fundamentals to be cascaded to the micro level — the households, the individuals and businesses.”
Alabi highlighted the difficulties still facing millions of micro, small and medium-sized enterprises, including high operating costs, infrastructure constraints and limited access to financing.
He said the next phase of reforms should move economic stability from national balance sheets to business balance sheets and household budgets.
Recapitalised banks expected to expand productive lending
Oliver Alawuba, Chairman of the Body of Bank CEOs and Group Managing Director/Chief Executive Officer of United Bank for Africa Plc, said recent economic indicators suggested that Nigeria was moving in the right direction.
He cited the country’s 4.43 per cent year-on-year GDP growth in the second quarter of 2026, easing inflation and stronger external reserves as evidence of improving macroeconomic conditions.
However, Alawuba stressed that continued coordination between fiscal and monetary authorities would be necessary to preserve these gains and ensure that more credit reaches productive sectors.
“These are signposts. They are mileposts. They are not the destination,” he said.
He argued that banks that have completed the recapitalisation exercise must increasingly use their stronger balance sheets to provide affordable financing to MSMEs, agriculture, manufacturing, infrastructure and export-oriented businesses.
World Bank identifies job creation as next test
The World Bank Country Director for Nigeria, Mathew Verghis, represented by the bank’s Senior Private Sector Specialist, Bertine Kamphuis, similarly acknowledged the progress made through recent reforms but identified job creation as a critical measure of whether the improvements are translating into broader economic opportunity.
The World Bank noted that domestic credit to Nigeria’s private sector remained at about 13 per cent of GDP, while MSMEs received only about one per cent of credit, despite their significant contribution to employment.
The bank argued that macroeconomic stability should provide a platform for directing more capital towards productive enterprises capable of expanding operations and creating jobs.
For Nigeria, the emerging policy challenge is therefore shifting from restoring stability to strengthening the transmission mechanism between improved national economic indicators and the financial realities of households and businesses.
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