CBN Chief Says Early Reforms Shielded Nigeria from Global Economic Shocks

Central Bank of Nigeria, CBN, Governor, Olayemi Cardoso, says early economic reforms have helped the country build resilience and create buffers against potential global shocks. Speaking at the G-24 press briefing during the IMF and World Bank annual meetings in Washington, he said Nigeria’s proactive steps were key to stabilising the economy.

He recalled that the Tinubu administration, on assuming office in May 2023, removed the petrol subsidy and floated the naira — bold reforms that triggered short-term pain but strengthened fiscal discipline. According to him, the CBN’s restructuring efforts are now fostering competitiveness, local production, and reduced import dependence.

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Mr. Cardoso said only crude oil remains exposed to global volatility, but the impact has been modest. He described Nigeria’s evolving currency framework as “a more competitive, win-win system.”