The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has reaffirmed the apex bank’s firm commitment to restoring confidence in the Nigerian economy through a series of policy reforms focused on orthodox monetary policy, transparency, and consistency.
Speaking during a global investment forum in New York City on the sidelines of the IMF and World Bank Spring Meetings, Cardoso declared that there would be “no turning back” from the CBN’s current reform agenda, which he said was already producing results.
“We inherited a crisis of confidence, but we chose a different path. We’re not turning back,” Cardoso said during a fireside chat with top economists and global investors at the NASDAQ MarketSite in New York.
The session was part of a larger event titled *“The Nigeria Investment Agenda: Pathways for Growth and Global Partnerships”*, jointly hosted by the CBN, JPMorgan, and the Nigerian Exchange Group (NGX).
Cardoso noted that when he assumed office in 2023, the CBN faced widespread mistrust from investors and the public. However, through deliberate and disciplined policies, his team is now laying the foundation for lasting macroeconomic stability and regaining trust.
The CBN governor stressed that recent efforts have centered on monetary tightening, transparency in the foreign exchange (FX) market, and reinforcing the CBN’s independence as a monetary institution.
These reforms, according to Cardoso, are designed to make Nigeria’s economy more predictable and attractive to investors. “Our approach is simple — go back to the basics. We want to rebuild trust and show consistency in our decisions,” he said.
Speaking alongside Nobel Laureate Dr. James Robinson and other high-level guests, Cardoso outlined the CBN’s 18-month reform strategy, which includes monetary policy realignment, market-determined exchange rates, and improving the overall investment climate.
CBN Deputy Governor for Economic Policy, Muhammad Sani Abdullahi, also provided an update on the Nigerian economy. He revealed that FX turnover has risen significantly and early signs of inflation control are beginning to emerge.
He added that Nigeria’s external reserves are growing stronger, and the policy environment is becoming more stable, reassuring both local and foreign investors.
The CBN also presented updates on ongoing efforts to reduce Nigeria’s dependence on oil by growing non-oil revenue. This includes introducing broad tax reforms, improving tax collection using data technology, and implementing the National Single Window Programme — a digital trade system aimed at easing import and export processes.
These efforts, the CBN said, are expected to bring in an estimated $2.7 billion annually by simplifying business procedures and making Nigeria more competitive globally.
A key highlight of the event was the panel discussion titled *“Repricing Nigeria: Assessing the Scope for Sustained Change”*. Experts from JPMorgan Chase, Citi, Standard Chartered, and Jadara Capital shared encouraging views on Nigeria’s investment outlook.
They noted that recent policy shifts have led to renewed global interest in Nigeria. Improvements in governance, a more predictable FX market, and a clear economic direction were cited as key reasons for this growing optimism.
The panel also discussed the importance of keeping the reform momentum alive, noting that while early signs are encouraging, consistent implementation is crucial to maintain investor confidence.
The event also showcased the involvement of Nigerian diaspora professionals in shaping the CBN’s strategy. US-based members of the CBN Board and Monetary Policy Committee, including Mr. Robert Agbede, Prof. Melvin Ayogu, and Dr. Aloysius Ordu, were present at the forum.
CBN Adviser on Stakeholder Engagement, Dr. Nkiru Balonwu, opened the session, while NGX CEO, Mr. Temi Popoola, moderated the investor Q&A session. Dr. Olubukola Akinwunmi of the CBN’s Banking Supervision Department gave the closing remarks.
Cardoso also highlighted positive reactions from global financial institutions, including the International Monetary Fund (IMF), which recently praised the Nigerian government’s reform efforts. The IMF noted that these changes have placed the Nigerian economy in a stronger position to withstand global economic challenges.
The CBN Governor stated that the international support Nigeria is receiving is a direct result of the hard decisions taken by the administration of President Bola Tinubu and the bank’s ongoing efforts to restore confidence.
As the forum concluded, Cardoso repeated that the CBN under his leadership is fully committed to its path of reform. “We are not just looking for short-term applause. We want to build something sustainable — a system that will outlive us,” he said.
He added that Nigeria’s future depends on staying the course. “This is not about one person. It’s about Nigeria. We are building institutions that people can trust — and that’s how real growth begins.”
