- Nigeria’s Reforms Draw Global Praise at IMF, World Bank Meetings – CBN Governor
- …G-24 chairmanship shows global support for Tinubu
- Nigeria’s foreign reserves stand above $43 billion enough to cover more than 11 months of import
Nigeria’s sweeping economic reforms have positioned the country at the centre of global attention, according to the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, Eko Hot Blog reports.
Speaking at a press briefing in Washington, D.C., on Friday, at the conclusion of the 2025 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group, Cardoso said the bold policy actions taken over the past two years have laid the groundwork for inclusive growth, job creation, and poverty reduction.
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Cardoso noted that the meetings provided Nigeria with an opportunity to highlight tangible progress made under President Bola Tinubu’s reform agenda, reaffirming the government’s commitment to macroeconomic stability, fiscal discipline, and inclusive development.
“There is broad recognition that Nigeria’s reforms are delivering results,” the CBN Governor said. “Inflation is moderating, the exchange rate has stabilized, and investor confidence is returning.”
According to him, the Nigerian delegation, which included the Minister of State for Finance, Dr. Doris Uzoka-Anite, held high-level meetings with IMF and World Bank officials, global rating agencies, investors, and central banks from other countries.
Cardoso explained that fiscal and monetary authorities are working in close coordination to sustain economic stability and ensure that reform gains translate into better living conditions for Nigerians.
He revealed that headline inflation fell for the sixth consecutive month in September to 18.02 percent, the lowest level in three years, while the naira continues to strengthen, with the gap between official and parallel market rates narrowing to less than two percent.
Nigeria’s foreign reserves, he added, now stand above $43 billion enough to cover more than 11 months of import, thanks to renewed investor confidence and steady capital inflows.
The CBN chief said public finances have also improved through better revenue generation, reduced government spending, and higher non-oil earnings, following the removal of fuel subsidies and fiscal reforms that created more space for infrastructure and human capital investment.
Cardoso further noted that monetary policy management had returned to orthodoxy, using traditional tools such as the Monetary Policy Rate (MPR), Cash Reserve Requirement (CRR), and Liquidity Ratio to maintain market stability.
He added that the CBN is leveraging artificial intelligence and advanced analytics to strengthen forecasting, improve policy impact, and ensure data-driven decision-making.
On the banking sector, Cardoso said the ongoing recapitalisation exercise is progressing smoothly, ensuring that Nigerian banks become stronger, more resilient, and globally competitive.
He also announced that Nigeria would assume the chairmanship of the Intergovernmental Group of 24 (G-24) effective November 1, 2025, a development he described as a vote of confidence in the country’s growing leadership in global economic governance.
“Our story is one of resilience, a nation aligning courage with conviction to build a more competitive, innovative, and inclusive economy,” Cardoso concluded.
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