Nigeria Now in Stronger Position to Navigate Global Crisis

Nigeria Now in Stronger Position to Navigate Global Crisis – Olayemi Cardoso
Says Reforms Have Strengthened Nigeria’s Economy
Banking Recapitalisation Strengthening Financial System

Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said that Nigeria is now in a stronger position to withstand global economic shocks, following macroeconomic reforms implemented over the past two years.

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Eko Hot Blog reports that Cardoso made the remark while delivering the Distinguished Alumni Lecture at the 2026 Annual Founders’ Day celebration organised by the St. Gregory’s College Old Boys’ Association in Lagos on Thursday.

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According to him, policy reforms introduced by the current administration have helped stabilise the financial system and renewed investor confidence in Nigeria.

He noted that the situation contrasts sharply with the period before 2024 when foreign exchange shortages and economic uncertainty led to the exit of several multinational companies and discouraged foreign investment.

Cardoso explained that the reforms carried out in recent years have provided stronger financial foundations capable of supporting economic growth and helping the country absorb external shocks.

Using an analogy from education, the CBN governor said strong foundations are essential for success, whether in personal development or economic management.

Speaking on the lecture’s theme, “Strong Foundations: From the Classroom to the Capital Base,” he emphasised that discipline, integrity, responsibility and intellectual curiosity are key values that shape both individuals and institutions.

“Economic systems do not thrive on optimism alone,” he said. “They require discipline, credible institutions, sound policy frameworks and resilient financial systems. Just as education prepares young people to navigate uncertainty, strong financial foundations help economies withstand shocks and support sustainable growth.”

Nigeria Now in Stronger Position to Navigate Global Crisis - Olayemi Cardoso — Nigeria Now in Stronger Position to Navigate Global Crisis – Olayemi Cardoso

Cardoso noted that Nigeria’s economy had previously faced several challenges, including macroeconomic imbalances, volatility in foreign exchange markets, rising inflation and structural inefficiencies that weakened investor confidence.

He said restoring stability required a return to sound policies and strong institutional frameworks rather than short-term measures.

The CBN governor also pointed to ongoing global tensions, including the conflict involving the United States, Israel and Iran, which could affect global energy prices, supply chains and investor sentiment.

However, he stressed that the policy buffers built through recent reforms would help Nigeria navigate these uncertainties.

“The storms may come, but our house will stand firm. Strong foundations matter, whether for individuals, institutions or nations,” he said.

Cardoso further highlighted the banking recapitalisation programme introduced by the apex bank in 2024, describing it as a strategic move to strengthen the financial sector and enable it to support the country’s economic transformation.

“As economies expand and financial systems deepen, institutions must build the capacity required to support sustainable growth,” he said.

He revealed that as of March 12, 2026, 33 banks had successfully raised additional capital, while 30 had already met the new minimum capital requirements for their respective licence categories. The remaining institutions, he added, are currently undergoing verification by the central bank.

Cardoso also reflected on his time as a student at St. Gregory’s College, praising the school’s management and its Old Boys’ Association for sustaining the institution’s longstanding reputation for excellence.