• Renewed Focus on Job Creation and Inclusive Economic Advancement
By Babajide Komolafe, Economy Editor, Washington DC
Washington DC – Mr. Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), reaffirmed the Federal Government’s unwavering commitment to advancing its economic reform agenda. He warned against the risks of “reform fatigue,” which could undermine the significant progress achieved in stabilizing Nigeria’s economy.
Speaking to the press after Nigeria’s participation in the 2025 Annual Meetings of the International Monetary Fund (IMF) and World Bank in Washington DC, Cardoso expressed optimism about Nigeria’s economic trajectory. He noted that the delegation returned “energized by renewed investor confidence” and committed to sustaining fiscal discipline, economic stability, and inclusive growth.
“It is vital that we sustain the drive of current reforms and resist the complacency that often accompanies reform fatigue,” Cardoso emphasized. “Succumbing to such exhaustion could reverse the hard-won gains. This process is a long-distance race, not a quick dash, and Nigerians will soon experience the rewards as inflation steadily declines.”
Nigeria to Assume Leadership of the G-24 Group
Cardoso announced that Nigeria will assume the chairmanship of the Intergovernmental Group of Twenty-Four (G-24) on International Monetary Affairs and Development from Argentina, starting November 1, 2025. This appointment highlights the increasing global trust in Nigeria’s role within the international financial community.
“This leadership position signifies Nigeria’s growing influence in shaping global economic policies,” he remarked. “We applaud the outstanding leadership of the outgoing chair, Mr. Luis Caputo, and Dr. Iyabo Masha, Director of the G-24 Secretariat.”
The CBN Governor also shared insights from engagements with the IMF, World Bank, credit rating agencies, and investors, all of whom acknowledged the positive impact of Nigeria’s reform efforts.
He pointed out that headline inflation has declined for the sixth consecutive month, reaching 18.02 percent in September-the lowest in three years-while the naira has appreciated, with the gap between official and parallel market exchange rates narrowing to less than two percent.
“Our foreign reserves have exceeded $43 billion, enough to cover more than 11 months of imports,” Cardoso reported. “This reflects renewed investor trust and a resurgence of capital inflows across various asset classes.”
He further underscored the Federal Government’s persistent focus on fiscal prudence through enhanced revenue mobilization, prudent expenditure, and subsidy reforms, which have collectively strengthened public finances and freed up resources for investments in infrastructure, healthcare, and education.
Bolstering the Banking Sector
The Governor highlighted the ongoing success of the bank recapitalization program, aimed at reinforcing the resilience and global competitiveness of Nigerian banks.
He also emphasized the CBN’s growing partnership with Nigeria’s fintech sector, describing it as a cornerstone of the nation’s digital economic future.
“Innovation must be harmonized with regulation, built on trust and sustainable development,” Cardoso explained. “Our fintech firms showcase Nigeria’s creativity and resolve. We are dedicated to fostering a digital financial ecosystem rooted in innovation, transparency, and inclusivity.”
Cardoso revealed Nigeria’s plan to actively engage in shaping global regulatory frameworks for stablecoins and digital currencies, recognizing that while these technologies enhance financial inclusion and streamline payments, they must not compromise national financial sovereignty.
Promoting Employment Growth
Dr. Uzoka-Anite, Minister of State for Finance, also spoke at the briefing, highlighting Nigeria’s engagement in the World Bank’s Human Capital and Conflict Forum as part of the government’s strategy to build “job-rich economies.”
“With increasing revenues and ongoing tax reforms, we expect greater investments in infrastructure, agriculture, and the digital economy,” she stated. “These efforts are designed to generate employment opportunities, particularly for youth and women entrepreneurs. The government remains focused on enhancing productivity and fostering inclusive growth across key sectors.”
The Minister added that Nigeria’s collaborations with development partners, including the World Bank’s new agricultural innovation initiative, will expand access to financing for women and young agribusiness entrepreneurs.
Rebuilding Trust and Confidence
In conclusion, Cardoso emphasized that Nigeria’s participation in the Washington meetings sent a strong message of “credibility, alignment, and sustained reform momentum.”
“Our story is one of resilience-a nation boldly combining determination with strategic vision to create a more competitive, innovative, and inclusive economy,” he concluded.
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