The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has reaffirmed the apex bank’s commitment to supporting the Federal Government’s fiscal consolidation measures aimed at repositioning the Nigerian economy on a path of sustainable growth.
Speaking during the 2025 Annual Executive Seminar of the CBN in Abuja, Cardoso described ongoing economic reforms as essential to achieving macroeconomic stability and long-term prosperity.
He explained that although the reforms have introduced short-term challenges across several sectors, they remain vital in establishing a more resilient and diversified economic base.
According to him, the CBN is focused on maintaining credible monetary policies that restore investor confidence, deepen market transparency, and sustain growth momentum.
Cardoso highlighted that fiscal and monetary alignment is now central to Nigeria’s economic direction.
He said the CBN’s focus on inflation targeting and price stability will strengthen predictability in policy implementation and guide private sector decision-making.
The governor noted that credible policy signals from both fiscal and monetary authorities are already improving confidence levels in the financial markets, as reflected in increased capital inflows and renewed investor participation.
He stressed that a sound governance framework and consistent policy actions would remain critical to consolidating the gains achieved so far.
Cardoso assured stakeholders that the apex bank would continue to collaborate closely with the Ministry of Finance and other economic agencies to deliver on the government’s macroeconomic objectives.
Also speaking at the event, the Minister of State for Finance, Dr. Doris Uzoka-Anite, emphasized that fiscal and monetary coordination remains the foundation of Nigeria’s growth strategy.
She stated that the government is working toward achieving a sustained GDP growth rate capable of driving income expansion, reducing poverty, and boosting productivity across key sectors.
Uzoka-Anite reaffirmed President Bola Tinubu’s vision of building a $1 trillion economy by 2037, noting that the target would require consistent double-digit GDP growth and effective policy execution.
She added that the ministry is focused on broadening fiscal space, improving revenue generation, and promoting efficiency in public expenditure to support the ongoing reforms.
The seminar, themed “Deepening Reforms: Path to Diversification and Sustainable Growth,” provided a platform for senior policymakers to assess Nigeria’s reform progress and identify strategies to strengthen economic diversification.
In his remarks, the CBN Deputy Governor in charge of Economic Policy, Dr. Mohammed Abdullahi, said Nigeria has witnessed one of its most comprehensive reform phases in recent history.
He explained that the series of monetary and fiscal adjustments implemented over the past 18 months have begun to yield measurable progress in exchange rate management, inflation moderation, and investor sentiment.
Abdullahi, however, cautioned that sustaining the positive momentum would require consistent follow-through and deeper structural reforms.
He emphasized that the next phase of Nigeria’s economic agenda must focus on consolidating current gains, accelerating productivity-driven growth, and achieving inclusive development across all regions.
Stakeholders at the seminar agreed that the success of Nigeria’s reform agenda hinges on policy consistency, institutional collaboration, and the credibility of the economic management team. They called for deliberate efforts to strengthen transparency, expand access to credit for productive sectors, and ensure that fiscal consolidation is balanced with measures that protect vulnerable households.
The CBN’s ongoing reforms, alongside the government’s fiscal measures, are widely viewed by analysts as the most significant since the early 2000s.
Market observers believe that if effectively sustained, these policies could lay the foundation for a stable exchange rate regime, enhanced investment climate, and broad-based growth across manufacturing, agriculture, and services.
Cardoso’s reaffirmation of the CBN’s commitment to reform underscores the apex bank’s role as a stabilizing force in Nigeria’s evolving economic landscape.
As the country continues to navigate global and domestic challenges, the central bank’s alignment with fiscal authorities is expected to be instrumental in steering the economy toward sustainable and inclusive growth.