The Governor of the Central Bank of Nigeria, Olayemi Cardoso, says early signs of recovery are emerging from the government’s tough economic reforms. Speaking in Abuja, Mr Cardoso noted improvements in exchange rate stability, rising investor confidence, and enhanced sovereign ratings as key indicators of progress.
He acknowledged that while the path to economic stability has been challenging, recent monetary policy shifts are beginning to yield results. Inflationary pressures, he said, are gradually easing, and critical sectors are responding positively to sustained macroeconomic discipline.
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Against the backdrop of a turbulent global economy, shaped by the lingering effects of the COVID-19 pandemic, the Russia-Ukraine conflict, and aggressive monetary tightening in advanced economies, Mr Cardoso emphasised the importance of strengthening Nigeria’s financial resilience.
He argued that the reforms, though orthodox in nature, are essential to insulating the economy from external shocks and positioning it for long-term growth.
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