Cardoso Boasts: Nigeria’s Economic Reforms Shielded Nation From Global Storms

Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has declared that Nigeria’s economy has defied global headwinds through bold reforms, a more competitive naira, and disciplined fiscal management that have restored investor confidence and spurred resilience.

Speaking at a high-level dialogue of the Intergovernmental Group of Twenty-Four (G24) on the sidelines of the IMF and World Bank Annual Meetings in Washington DC, Cardoso said the nation’s proactive economic approach insulated it from some of the harshest external shocks affecting other emerging economies.

Representing the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who serves as the First Vice-Chair of the G24, Cardoso said Nigeria’s early adoption of critical reforms had strengthened its economic fundamentals and positioned it ahead of several peer nations.

“We were very fortunate because a lot of the necessary reforms were implemented early. That gave us buffers and resilience against potential shocks,” Cardoso said.

The G24, chaired by Argentina’s Secretary of Finance, Pablo Quirno, with Pakistan’s Central Bank Governor, Jameel Ahmad, as Second Vice-Chair, and Dr. Iyabo Masha as Director of the Secretariat, gathered finance ministers and central bank governors from developing nations to discuss global trade disruptions, inflationary trends, and fiscal stability.

Cardoso noted that Nigeria’s economy has outperformed expectations despite turbulent global conditions, attributing the progress to consistent fiscal discipline, a unified exchange rate, and policies promoting local production.

“Now we have a more competitive currency, and for the first time in years, Nigeria is recording a positive balance of trade surplus expected to remain at about six per cent of GDP,” he revealed.

He explained that former U.S. President Donald Trump’s trade tariff policies had minimal impact on Nigeria due to the country’s diversified economic base and reduced import dependence.

The apex bank chief further stressed that Nigeria’s reform agenda centred on exchange rate unification, subsidy rationalisation, and monetary tightening was beginning to yield tangible dividends.

He said, “What is happening now is a complete restructuring of the economy. The competitive currency is encouraging people to go into domestic production, and that is the direction we want to maintain.”

Cardoso emphasised that the coordination between fiscal and monetary authorities had become stronger, creating coherence in macroeconomic management that supports both growth and disinflation.

Participants at the forum commended Nigeria’s policy direction and swift response to global economic pressures, noting that the country’s resilience had helped cushion the effects of volatile commodity prices.

Cardoso reaffirmed the CBN’s commitment to sustaining monetary stability, deepening financial sector reforms, and ensuring that the benefits of economic growth reach all Nigerians.

“Nigeria’s economic restructuring is already paying off. With continued discipline and commitment, our medium-term prospects remain bright,” he assured.