Nigeria exits economic turbulence, charts clear path to growth and stability—Cardoso, Edun
BY MOTOLANI OSENI
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, and the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, have declared that Nigeria has exited its most turbulent economic period and is now firmly on a path towards sustained growth and stability.
Speaking on Friday night at a joint press conference marking the conclusion of the 2025 International Monetary Fund (IMF)/World Bank Spring Meetings, Cardoso said Nigeria’s monetary and financial framework has matured significantly, with the foreign exchange market now operating based on market-driven fundamentals.
He stressed that the Central Bank’s primary responsibility is to safeguard stability, not to impose arbitrary rates. “We are custodians of stability. Our role is to ensure that people can plan without suffering the shocks of internal or external disruptions,” Cardoso said.
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He warned against lingering cynicism, describing the current economic climate as one filled with opportunities that Nigerians must actively seize. “This is not the time to be cynical. If we do not recognise and take advantage of our opportunities, others will. Capital moves to where the environment is enabling. It is time for us to look forward with full confidence that we will overcome any challenges,” he added.
Cardoso attributed the country’s economic progress to the difficult but necessary reforms undertaken by both monetary and fiscal authorities, noting that Nigeria’s resilience during recent external pressures has made it a reference point within the international community.
“It has taken strong coordination between fiscal and monetary authorities, learning from past mistakes, and being bold enough to explore new approaches for better results. Now, we are at a point where the international community is encouraging others to learn from Nigeria’s experience,” Cardoso said.
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, affirmed that key economic indicators are trending positively, marking a clear departure from Nigeria’s situation just a few years ago.
Responding to a question about reports suggesting Nigeria had slipped to the fourth-largest economy in Africa, Edun said: “I have not seen the report, but economically and financially, Nigeria is in a much better place than it was a couple of years ago. Inflation is coming down, the exchange rate is stabilising, food prices are easing, and the economic fundamentals are significantly stronger.”
According to Edun, the resilience of Nigeria’s external sector during recent global challenges, and the subsequent restoration of investor confidence, is clear evidence of the underlying strength of the economy.
Looking ahead, he set an ambitious target for economic expansion. “We must now push to grow the Nigerian economy deliberately at no less than 7 per cent per annum. Anything less will not lift our people out of poverty quickly enough,” Edun said.
“We have turned the corner. It is now time for every Nigerian to contribute to building a stronger, more prosperous economy,” he added.
