CBN vows to sustain reform drive, resists policy fatigue
By Shalom Ikuvbogie
Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has restated the Federal Government’s resolve to sustain ongoing economic reforms, saying the country will not give in to “reform fatigue” that could undermine the progress already made in stabilising the economy.
Cardoso made this known while briefing journalists on Nigeria’s participation at the 2025 Annual Meetings of the International Monetary Fund (IMF) and the World Bank in Washington DC.
He said the Nigerian delegation returned home encouraged by renewed investor confidence and determined to stay consistent with policies that promote stability, discipline, and inclusive growth.
“We are committed to staying the course and ensuring that reform fatigue does not set in,” Cardoso said. “The danger of slowing down is losing the gains we’ve achieved. Nigerians will soon begin to feel the benefits as inflation continues to ease.”
The CBN Governor disclosed that Nigeria will assume chairmanship of the Intergovernmental Group of Twenty-Four (G-24) on International Monetary Affairs and Development from November 1, 2025, succeeding Argentina, a move he described as a mark of confidence in Nigeria’s growing influence in global finance.
During the Washington meetings, engagements with multilateral institutions and investors, Cardoso said, confirmed that the country’s reforms are yielding positive outcomes. Inflation has reportedly declined for six straight months to 18.02 percent in September, the lowest in three years , while the naira continues to strengthen, with the gap between official and parallel market rates now below two percent.
He noted that foreign reserves have risen to over $43 billion, offering more than 11 months of import cover, a development that reflects stronger investor trust and improved inflows.
Cardoso added that fiscal discipline remains central to the government’s reform strategy, with efforts to boost revenue, cut costs, and reform subsidies freeing resources for infrastructure, education, and healthcare investment.
Speaking on the ongoing bank recapitalisation programme, the CBN chief said the process is progressing smoothly, aimed at making Nigerian banks stronger and globally competitive.
He also pointed to the fintech sector as a vital driver of Nigeria’s digital transformation, stressing that innovation must go hand-in-hand with effective regulation.
“Our fintechs represent Nigerian creativity and resilience,” he said. “We want our digital financial future to be built on innovation, integrity, and inclusion.”
Cardoso also revealed plans for Nigeria to play an active role in shaping the global framework for digital currencies and stablecoins, ensuring that technological advancement supports inclusion without threatening financial sovereignty.
Minister of State for Finance, Dr. Uzoka-Anite, who was part of the delegation, said Nigeria’s engagement at the World Bank’s Human Capital and Conflict Forum aligns with government efforts to promote job-rich growth.
According to her, ongoing tax reforms and rising revenues will drive greater investment in infrastructure, agriculture, and the digital economy, especially in youth and women-led enterprises.
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She added that new partnerships, including the World Bank’s agricultural innovation programme, will boost access to finance for small businesses across the agribusiness value chain.
Cardoso concluded that Nigeria’s interactions in Washington sent a clear signal of credibility and reform commitment.
“Our story is one of resilience, a nation combining courage and conviction to build a more competitive, innovative, and inclusive economy,” he said.
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