The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced that Nigeria has officially moved past its most challenging economic phase.
While reaffirming the federal government’s commitment to bringing inflation rate down to single digits and safeguarding citizens’ purchasing power, Edun and Cardoso praised Nigerians for their resilience. They acknowledged that although the journey has been challenging, the government’s economic reforms are beginning to deliver positive results.
Speaking during a joint media briefing at the close of the 2025 International Monetary Fund and World Bank Spring Meetings in Washington D.C., Edun and Cardoso projected a strong and optimistic outlook for Nigeria’s economy.
The CBN governor highlighted that the country’s monetary and financial systems have matured significantly, with the foreign exchange market now operating effectively based on market fundamentals.
Cardoso stated that the reforms implemented over the past 18 months, have significantly strengthened Nigeria’s monetary buffers and stabilized the foreign exchange market.
Emphasizing the importance of maintaining momentum, Cardoso said, “We are custodians of stability. Our role is to ensure that people can plan without suffering the shocks of internal or external disruptions. This is not the time to be cynical. If we do not recognize and take advantage of our opportunities, others will.”
He continued, “Capital moves to where the environment is enabling, it’s not the time to be cynical. It’s time for us to look to the future. With every confidence that we will get out of any problem that we are faced with.”
Cardoso also noted that Nigeria’s ability to withstand recent external shocks has earned the country international recognition.
“It has taken a lot of coordination between the fiscal and the monetary, learning from mistakes, being bold enough to look at other means of doing certain things to get better results, and now we are here at a time where the international community is asking others to learn from what Nigeria has been able to accomplish.”
The CBN Governor further disclosed that the gap between the official and parallel market exchange rates has closed, and speculative arbitrage, previously a major source of currency pressure, has been eliminated. He noted that this renewed stability has boosted confidence and increased autonomous foreign exchange inflows through formal channels, helping to diversify Nigeria’s foreign exchange sources beyond oil.
On his part, Edun, stated that key economic indicators are moving in a positive direction, marking a significant improvement compared to the country’s position years ago.
Edun stated “Nigeria is economically, financially, in a much better place than it was just a couple of years ago. Inflation is coming down; the exchange rate is stabilizing; food prices are easing, and the fundamentals are much stronger.”
However, he emphasized the need to accelerate economic growth in order to reduce poverty meaningfully. “Unless we get to about seven per cent growth, we are not going to reduce poverty and improve the life of Nigerians substantially. That is the target and commitment of this administration,” he said.
He noted that Nigeria’s economy is currently growing at an average of 3.4 percent in 2024, with the latest quarterly growth recorded at 3.84 percent. To bridge the growth gap, Edun outlined several key strategies including boosting agricultural productivity, expanding digital infrastructure, supporting entrepreneurship, and enhancing access to finance across all sectors.
Edun noted that with macroeconomic stability returning and investor confidence rebounding, Nigeria is well-positioned to achieve its long-sought goal of inclusive and broad-based prosperity, provided that ongoing reforms are sustained. He added that the country has turned the corner and it is time for every Nigerian to contribute towards building a stronger, more prosperous economy.
