•Vows renewed push for job creation, inclusive growth
By Babajide Komolafe, Economy Editor, Washington DC
Washington DC – Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has reaffirmed the Federal Government’s commitment to sustaining ongoing economic reforms, stressing that Nigeria will not allow “reform fatigue” to derail the progress already achieved in stabilising the economy.
Speaking at a press briefing on Nigeria’s participation at the 2025 Annual Meetings of the International Monetary Fund (IMF) and the World Bank in Washington DC, Cardoso said the Nigerian delegation returned home “encouraged by renewed investor confidence” and determined to maintain the current trajectory of discipline, stability, and inclusive growth.
“We want to ensure that the policies we have already applied stay the course and that we don’t allow reform fatigue to set in,” Cardoso said. “The danger of allowing reform fatigue is that you may lose all the gains already achieved. We have to continue to show results because this is not a short dash race. Nigerians will soon begin to feel the benefits as inflation continues to trend down.”
G-24 chairmanship
Cardoso announced that Nigeria will assume the chairmanship of the Intergovernmental Group of Twenty-Four (G-24) on International Monetary Affairs and Development, effective November 1, 2025, succeeding Argentina. The development, he said, underscores growing international confidence in Nigeria’s leadership within the global financial system.
“This milestone highlights our country’s rising influence in shaping global financial architecture,” he stated. “We commend the outgoing chair, Mr. Luis Caputo, and Dr. Iyabo Masha, Director of the G-24 Secretariat, for their outstanding stewardship.”
The CBN Governor disclosed that engagements with the IMF, World Bank, rating agencies, and investors during the meetings revealed a broad consensus that Nigeria’s reforms are yielding positive results.
According to him, headline inflation fell for the sixth consecutive month to 18.02 percent in September, its lowest level in three years, while the naira has continued to strengthen, with the gap between official and parallel market rates narrowing to less than two percent.
“Foreign reserves now stand above $43 billion, providing more than 11 months of import cover,” he said. “This reflects improved investor confidence and renewed inflows across asset classes.”
Cardoso added that the Federal Government continues to strengthen fiscal discipline through improved revenue mobilisation, cost-cutting, and subsidy reforms, which have helped rebalance public finances and create space for increased investment in infrastructure, health, and education.
Bank recapitalization
The CBN Governor noted that the ongoing bank recapitalisation programme is progressing steadily, aimed at strengthening Nigerian banks to make them “more resilient and globally competitive.”
He also highlighted the CBN’s growing engagement with Nigeria’s fintech sector, which he described as a critical pillar of the country’s digital future.
“Innovation and regulation must progress together, anchored in trust and responsible growth,” he said, adding, “Our fintechs are ambassadors of Nigeria’s creativity and resilience. We want to ensure that our digital financial future is built on innovation, integrity, and inclusion.”
Cardoso revealed that Nigeria intends to play an active role in shaping the global regulatory framework for stablecoins and digital currencies, noting that while such innovations enhance inclusion and payments efficiency, they must not undermine financial sovereignty.
Job creation
Minister of State for Finance, Dr. Uzoka-Anite, who also spoke at the briefing, said Nigeria’s participation in the World Bank’s Human Capital and Conflict Forum was in line with the government’s commitment to building “job-rich economies.”
She said, “With increasing revenues and ongoing tax reforms, we expect to see more investment in infrastructure, agriculture, and the digital economy. These efforts will catalyse job creation, particularly for youth and women-led businesses. The government is prioritising productivity and inclusive growth across key sectors.”
The Minister further noted that Nigeria’s collaboration with development partners, including the World Bank’s new agricultural innovation programme, would help scale up access to finance for women and youth entrepreneurs in the agribusiness value chain.
Confidence rebuilding
Cardoso concluded that Nigeria’s engagements during the Washington meetings sent a strong message of “credibility, alignment, and reform momentum.”
“Our story is one of resilience, a nation aligning courage with conviction to build a more competitive, innovative, and inclusive economy,” he said.
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