The Governor of the Central Bank of Nigeria, Olayemi Cardoso, says Nigeria’s economy has grown stronger and is now better positioned to withstand global economic shocks, following recent reforms that are boosting investor confidence.
Speaking at the Africa Capital Forum in London, on the sidelines of Bola Ahmed Tinubu’s state visit to the United Kingdom, Cardoso noted that the apex bank has implemented disciplined monetary policies and institutional reforms to reinforce the financial system.
He said the CBN is reviewing its policies to make them more predictable and transparent, reducing uncertainty for investors and ensuring a more consistent policy environment.
Cardoso also revealed that the bank has finalized a new national payments system vision, which will soon be launched to position Nigeria as a key player in digital payments and cross-border transactions across Africa.
On the foreign exchange market, he highlighted improved transparency and liquidity, adding that a revised FX manual has eased restrictions and simplified operations for businesses and investors.
Providing an update on bank recapitalisation, Cardoso disclosed that over 30 banks have already met new capital requirements, with verification ongoing for others. He added that about 28 percent of the funds raised came from foreign investors, reflecting growing trust in Nigeria’s financial system.
He further noted a significant rise in diaspora remittances, which has strengthened foreign exchange reserves and enhanced economic stability.
“Our focus is to protect the stability achieved so investors can plan with confidence,” Cardoso said, assuring continued transparency, better communication, and higher policy standards.
On digital finance, he said the CBN is working closely with fintech firms to remove regulatory bottlenecks and drive financial inclusion across Nigeria and Africa.
He also stressed the importance of coordination between monetary and fiscal authorities, noting that stronger collaboration is key to sustaining economic growth.
Cardoso added that inflation is easing, exchange rate stability is improving, and ongoing reforms are setting the stage for growth driven by local investment, oil sector reforms, and renewed global confidence.
He concluded by urging global investors to see Nigeria as “an economy to watch,” as reforms shift the country from stabilisation toward investment-driven growth.
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