Nigeria’s economic reforms yielding results – Cardoso

Yemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has said that the government’s economic reforms are beginning to deliver visible results.

Speaking in Washington DC at the end of the IMF/World Bank Annual Meetings, Cardoso said the reforms were steering Nigeria towards “stability, inclusiveness, and innovation-driven growth.”

“This has been an active and forward-looking week for Nigeria,” he said. “Amidst global uncertainty marked by slowing growth and volatile markets, our engagements here reaffirmed that Nigeria is moving in the right direction—towards macroeconomic stability, fiscal discipline, and inclusive growth.”

Cardoso said Nigeria’s renewed credibility and policy consistency had been well received by global investors, development partners, and financial institutions.

“There is now a broad recognition that Nigeria’s reforms are delivering results,” he said, adding that inflation had been moderating. “The exchange rate has stabilised, and investor confidence is returning.”

According to him, headline inflation fell for the sixth consecutive month in September to 18.02 per cent, down from 20.12 per cent in August—the lowest in three years. He said the naira had strengthened, with the gap between the official and parallel market exchange rates narrowing to less than two per cent.

“Our foreign reserves now exceed 43 billion dollars, providing 11 months of import cover,” Cardoso added. “These outcomes have been supported by sustained capital inflows, increased diaspora remittances, and renewed investor participation across multiple asset classes.”