The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has announced that Nigeria has attracted over $8 billion in new energy investments, citing economic reforms and improved security as key drivers of renewed investor confidence.
Cardoso made the revelation at the conclusion of the IMF/World Bank Annual Meetings, where Nigeria is set to assume the G-24 chairmanship on November 1, 2025.
He attributed the investment surge to enhanced security in oil-producing regions and targeted economic incentives. “Reduced insecurity in oil-producing areas and targeted incentives have increased production and attracted over $8 billion in new energy investments,” he said.
The CBN governor highlighted reforms such as foreign exchange unification, monetary tightening, and fiscal consolidation, noting that these measures are producing tangible results, including moderating inflation, stabilizing the exchange rate, and restoring investor trust.
Cardoso warned against “reform fatigue,” stressing the need for continuity and policy consistency. “We must continue to show results. This is not a short dash; it is a marathon. As inflation trends down, people must see and feel the benefits to know that better days lie ahead,” he said.
He also discussed the CBN’s engagement with fintech companies, emphasizing the importance of balancing innovation with regulation to ensure inclusive and sustainable growth.
Speaking on Nigeria’s broader economic trajectory, Cardoso said the economy is now stable and poised for growth. “In the last quarter, we saw growth improve from three to four percent. Inflation is coming down, and while on a good path, the question is how to sustain it. The difficulty has passed; from now on, growth begins to chime in,” he explained.
He added that Nigeria’s stable economic position aligns with global priorities, noting that the U.S.-led G20 chairmanship emphasizes growth, which presents opportunities for international support and collaboration.
Cardoso concluded with optimism about Nigeria’s policy direction and the potential for continued investment inflows and economic expansion.