Cardoso: Nigeria’s economic reforms delivering tangible gains

The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, says ongoing economic reforms are producing visible and measurable results, positioning the country for sustainable growth and stability.

Speaking in Washington, D.C., on Friday at the conclusion of the IMF/World Bank Annual Meetings, Cardoso said the reforms were steering Nigeria toward fiscal discipline, inclusiveness, and innovation-driven development.

He noted that Nigeria’s active participation in the week-long meetings had reinforced the country’s renewed credibility and reform momentum before global investors, development partners, and financial institutions.

“This has been a forward-looking week for Nigeria,” Cardoso said.

“Despite global uncertainty, our engagements reaffirmed that Nigeria is on the right path toward macroeconomic stability, fiscal discipline, and inclusive growth.”

The CBN governor said the country’s progress had sparked renewed confidence among international partners, noting that key economic indicators were improving.

He revealed that headline inflation had declined for six consecutive months, dropping to 18.02 per cent in September from 20.12 per cent in August — the lowest in three years.

Core and food inflation, he added, also eased during the period, reflecting the effects of disciplined monetary policy, exchange rate unification, and greater market transparency.

Cardoso further disclosed that Nigeria’s foreign reserves had surpassed $43 billion, enough to cover 11 months of imports.

He said the naira had continued to strengthen, with the gap between the official and parallel market exchange rates narrowing to below two per cent.

“These gains have been supported by sustained capital inflows, increased diaspora remittances, and renewed investor participation across multiple asset classes,” he stated.