The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, said Nigeria’s financial and fiscal space is gradually responding to bold reforms embarked upon by the current administration.
The new trend, which is acknowledged by the World Bank and the International Monetary Fund (IMF), he said, would deepen inclusive growth, increase wealth creation, boost job creation and reduce poverty in the coming years.
The regulator stated this during the closing press at the ongoing World Bank/IMF Annual Meetings held in Washington, D.C., where he met with investors and heads of international development institutions, among others.
Cardoso said the engagements provided the Nigerian delegation an opportunity to showcase the progress of the country’s reforms and reaffirm the commitment to macroeconomic stability, fiscal discipline and inclusive growth.
The delegation, which included Minister of State for Finance, Dr Doris Uzoka-Anite, and heads of key agencies such as the Debt Management Office (DMO), was headed by Cardoso.
The governor emphasized gains of the economic reforms to include decelerating inflation, which slowed to 18 per cent in September, from 18.02 per cent the previous month. He also mentioned stability in the foreign exchange (FX) market, convergence of official and parallel market rates, as well as the steep rise of the external reserves among the gains of the two-year economic reforms, which he said has put the country in the position to attract capital and investment inflow.
“The tone throughout has been one of confidence and constructive partnership. There is broad recognition that Nigeria’s reforms are delivering results. Inflation is moderating, the exchange rate has stabilised and investor confidence is returning.
“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. We return home encouraged by the confidence reaffirmed in our mission, determined to sustain this trajectory of stability, discipline, and shared prosperity,” Cardoso has said.
Cardoso noted that public finances and general fiscal condition are in better shape even as the Federal Government is working hard to consolidate the gains of the reforms.
“The removal of fuel subsidies and expenditure rationalisation have helped to rebalance public finances and create fiscal space for productive investment,” he said, while pointing out that critical economic and development initiatives are creating new opportunities for private sector funding.
The CBN boss also noted that “advanced analytics and artificial intelligence are being leveraged to strengthen monetary operations, enhance forecasting and improve policy transmission to ensure that decisions are data-driven and forward-looking”.
With the recapitalisation exercise in progress, he noted, Nigerian banks are becoming stronger, more resilient and globally competitive, while FX reform has 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, reflects international confidence in the country’s leadership and growing influence in shaping the global financial architecture. Uzoka-Anite added that the team highlighted the impact of ongoing reforms in sustaining macroeconomic stability.
“With improved fiscal management, we are now prioritising investments in infrastructure, digital economy and agriculture. Nigeria has also joined the World Bank’s agricultural innovation programme, which leverages blended finance to support women and youth-led agribusinesses.
“We expect higher government revenue next year with the rollout of new tax reforms and the digitisation of revenue collection. This will provide more fiscal space for investment in key sectors and stimulate job creation. Essentially, reforms are signaling the government’s direction, catalysing private investment and empowering women and youth-led enterprises,” the minister told journalists.
