Both federal government team spoke on Wednesday at an investors’ engagement on the sidelines of the 2026 IMF-World Bank Annual Meetings in Bangkok, Thailand

Oyedele, who is also Coordinating Minister of the Economy, said lower inflation would create conditions for single-digit interest rates. He said monetary authorities are pivoting to an inflation target, which makes collaboration between monetary and fiscal authorities more important than ever.

Cardoso said the bank has made single-digit inflation its medium-term target because inflation is among the heaviest burdens on the poor. He said inflation has fallen from about 34 to 35 per cent to about 15 per cent, a significant decrease, but that lower double digits “isn’t okay” and the bank will not rest. He said the move to inflation targeting will make policy more open and transparent, giving people a clearer sense of the road ahead.

Cardoso said external reserves are at their highest in 18 years, which he said benefits ordinary Nigerians by shielding the economy from headwinds other countries face. He said reforms were implemented early enough that the exchange rate held stable, and has even appreciated, despite headwinds from the war and discussions about tariffs. Oyedele likewise said the naira has been stable and steadily appreciating, which is easing inflation, helped by the central bank’s management of the FX environment.

Oyedele named five reform priorities: agriculture, power, inflation, regulation and data. He said food is one driver of inflation and that the government is working to trace where price pressures come from. On power, he said Nigeria cannot power a $1 trillion economy in darkness, and that the government is looking at market-reflective pricing, transmission and efficiency. He said overregulation costs the country more than corporate tax, personal income tax and VAT revenue combined, and that a framework for economic policy is being developed. He added that fiscal data will be published on the Ministry of Finance website, finance.gov.ng.

On incentives, Oyedele said an Economy Development Incentive, a tax credit that must be earned, is better than a tax holiday. He said he could not guarantee that OMO bills, treasury bills and government bonds would go untaxed, but promised clarity so investors can price correctly. He said officials are working on T-bill liquidity so investors can exit naira paper without additional risk, and want investors to move from short-term portfolio flows to longer-term foreign direct investment.

Hassan Mammud, Group Chief Economist at Dangote Group, told the investor session that policy credibility had helped the group stabilise after its roughly $17 billion refinery investment. Cardoso said the remarks show investor confidence has returned.

Patience Oniha, Director-General, Debt Management Office (DMO), while explaining the Fourth-Quarter Bond Issuance, said the calendar is a combination of large refinancing and new volume.
So if it has affected the market, that would be a combination of factors, including lower rates following the Monetary Policy Rate (MPR) decision. However, the volume is not entirely different from what we did in Q3.

The first and second quarters were a bit slow, but after the budget was passed, our volumes increased. Those volumes were a combination of refinancing and new borrowing. We continue to monitor the markets, which is why we built in a provision. We watch the rates, watch the demand, and take it from there.

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He succeeds the immediate–past Chair, Ireti Samuel-Ogbu, who served the Corporation meritoriously during her tenure and continues to serve as a board member.

Cardoso brings extensive experience spanning international banking, investment management, economic policy and public sector leadership.

Since assuming office as Governor of the CBN in September 2023, he has led a far-reaching programme of monetary, financial-sector, and institutional reforms to restore macroeconomic stability, strengthen policy credibility, and rebuild investor confidence in Nigeria’s economy.

Under his leadership, the CBN has implemented significant reforms to Nigeria’s foreign exchange market, addressed longstanding foreign exchange obligations, strengthened monetary policy transmission, and enhanced institutional governance and transparency.

The Bank has also concluded a recapitalisation programme for the banking sector, aimed at strengthening the resilience and capacity of Nigeria’s financial system to support sustainable economic growth.

Prior to his appointment as Governor, Mr Cardoso built a distinguished career in international banking and public service, including a 12-year tenure as Chairman of Citibank Nigeria and service as Commissioner for Economic Planning and Budget in Lagos State.

In the latter role, he contributed to economic planning and fiscal management in one of Africa’s largest economies.

He holds a degree from Aston University in the United Kingdom and a master’s in public administration from Harvard Kennedy School, where he also served on the Alumni Board.

Mr Cardoso’s appointment comes as AFC continues to expand its role in financing and developing strategic infrastructure assets that address Africa’s infrastructure gap, accelerate industrialisation and strengthen regional integration.

His experience in financial sector reform, institutional governance and capital markets will providevaluable perspective on the Corporation’s strategic direction as it mobilises investment to unlock Africa’s economic potential.

Samaila Zubairu, President & CEO of AFC, said: “We are delighted to welcome Mr Cardoso as our Board Chairman. He shares our conviction that Africa’s lasting stability depends on its productive capacity. His leadership will strengthen AFC as we advance The Africa We Build 2050, mobilising African capital to build the infrastructure and industries that create jobs, prosperity and dignity for our people. We also sincerely thank Mrs Samuel-Ogbu for her dedication and contribution to AFC‘s board during her tenure.”

Mr. Cardoso commented on his appointment, saying: “A more productive Africa is a more stable Africa. AFC has the credibility and track record to mobilise capital and build the infrastructure and industries that drive transformation. I look forward to working with the Board, management and member states to advance The Africa We Build 2050. Our measure of success must be the productive capacity we create, the industries we enable and the jobs we support.”

AFC continues to advance transformational infrastructure and industrial investments across Africa, with recent milestones including achieving financial close on the US$753 million Lobito Corridor Railway Project in Angola, to support the rehabilitation, upgrade, and long-term operation of the 1,300-kilometre brownfield rail corridor; supporting a US$600 million facility for Dangote Group’s US$7 billion fertiliser expansion programme to scale production in Nigeria; and committing to a combined US$300 million investment alongside Vision Invest in WIOCC Group to accelerate the expansion of critical digital infrastructure across the continent. These investments reflect AFC’s unique approach to developing strategic infrastructure platforms that connect markets, strengthen industrial value chains and mobilise capital at scale to drive Africa’s economic transformation.

About AFC

AFC was established in 2007 to be the catalyst for pragmatic infrastructure and industrial investments across Africa. AFC’s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development, and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth.

Nineteen years on, AFC has developed a track record as the partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. AFC has 49 member countries and has invested over US$20 billion in 36 African countries since its inception.

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Speaking at a press briefing in Thailand today, IMF Managing Director Kristalina Georgieva said yields in advanced economies have climbed to multi-decade highs since the April meetings.

“It linked this to persistent inflation, stronger investor demand, higher expected growth tied to artificial intelligence (AI) and weak fiscal fundamentals.”

Many countries, it said, failed to use the post-pandemic recovery to rebuild fiscal buffers, and each new shock has pushed debt higher. This time, it said, advanced economies are the worst offenders.

Higher benchmark yields are spilling over to emerging markets and low-income countries, raising their debt-servicing costs. The IMF said many of these countries have strengthened their policy frameworks and institutions, but now face costlier fuel and food and weaker investor appetite for riskier assets. Some hard-won gains could be lost.

The Fund said low-income countries and fragile and conflict-affected states, especially energy importers and those left out of the technology boom, are taking the biggest hit. Energy exporters not affected by conflict, and supply-chain economies in Asia such as Thailand, Malaysia, Korea and Singapore, are faring better.

The IMF called on governments to raise revenues, rationalise spending and improve public financial management. As energy and food prices rise, it said, they should “protect people, not prices” through temporary, targeted support for the most vulnerable while preserving price signals.

On monetary policy, it urged central banks to stay focused on price stability. The case for tightening is strongest where inflation is above target and economic activity is strong, it said, adding that a prudent hawkish bias may be appropriate in many countries.

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The projections are in the World Economic Outlook, one of two flagship reports on the global economy and financial markets.

The IMF describes growth as “lackluster” by historical standards and says income gaps are likely to widen. It warns that if expectations for AI are not met, investment and financial markets could worsen significantly.

“The expectation that AI will keep the economy afloat is unrealistic,” added LeCompte. “If AI fails to strengthen the economy and help developing countries, the crises facing most of the world will become worse.”

The companion report, the Global Financial Stability Report, identifies AI investment risks, country debt challenges and cyber threats as the most serious threats to financial market stability.

“The report asserts that if expectations on economic growth from artificial intelligence are too optimistic, financial markets will be hurt and access to loans and aid for developing countries will be a casualty,” LeCompte shared.

Addressing the ongoing turmoil in sovereign debt markets, the report says the rising rates investors charge governments to borrow are a major risk to the current economy and could lead to higher debts for countries.

“High debts plus increasing inflation and food and fuel prices translate to real economic challenges that most of us are experiencing,” LeCompte explained.

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The engagements included discussions with the Monetary Authority of Singapore (MAS), the signing of a Memorandum of Understanding (MoU) with the Global Finance & Technology Network (GFTN), and the Nigeria–Asia Financial Connectivity Dialogue, convened by the CBN in collaboration with J.P. Morgan, Nigerian Exchange Group (NGX) and FMDQ Group.

Together, the engagements reflect the CBN’s emphasis on translating Nigeria’s financial-sector reforms into stronger international partnerships, deeper markets and practical channels for investment, trade and financial innovation.

In discussions with MAS, the CBN delegation exchanged perspectives on financial-sector development, regulation, market connectivity and innovation, identifying areas of mutual interest for continued engagement and potential collaboration.

The discussions provided an opportunity to draw on both financial systems‘ experiences and explore how stronger institutional relationships could support financial-market development and emerging technologies.

In a further step towards practical cooperation, the CBN and GFTN signed an MoU establishing a framework for collaboration on financial innovation.

The agreement provides a basis for connecting relevant institutions and innovation ecosystems, exploring areas of mutual interest and identifying practical opportunities for cooperation between Nigeria and Singapore.

At the Nigeria–Asia Financial Connectivity Dialogue, hosted at J.P. Morgan’s Singapore offices and anchored by Mr Dapo Olagunji, Managing Director of J.P. Morgan West Africa, Governor Cardoso outlined Nigeria’s ambition to build deeper, more liquid and internationally connected financial markets, positioning the reforms undertaken in recent years as the foundation for a new phase of market development.

He emphasised that reforms to Nigeria’s foreign-exchange market were aimed at removing distortions, restoring transparency and strengthening confidence in the rules governing market participation.

“The real test of reform is not whether you can attract capital once; it is whether you create the confidence for capital to stay, return and grow,” he said.

The Governor highlighted the importance of credible monetary policy, stronger governance, improved market functioning and predictable rules in creating the conditions for sustained domestic and international investment.

He noted that stabilisation was not an end in itself, but a foundation for broader participation by long-term institutional capital, stronger market infrastructure and more effective connections with international financial markets.

The Dialogue brought together investors, financial institutions, businesses and Nigerians living and working across Asia.

The event featured a panel moderated by Gbolahan Taiwo, J.P. Morgan’s Chief Economist for Africa, with Temi Popoola, Group Managing Director/CEO of NGX Group; Zeal Akaraiwe, Group Managing Director/CEO of FMDQ Group; Aderinola Shonekan, Director of Trade and Exchange at the CBN; and Olumayokun Ajibade, Special Adviser to the Governor on Financial Markets and Economic Policy.

The discussion explored Nigeria’s reform trajectory, from capital formation and foreign-exchange market confidence to the development of deeper, more liquid markets and the infrastructure needed to support sustained international participation.

Cardoso emphasised that Nigeria’s engagement with Asia is intended to extend beyond attracting investment flows to building durable relationships between financial institutions, markets, businesses and people.

He identified opportunities for stronger links between Nigerian and Asian banks and market institutions, more efficient payments and settlement channels, and greater participation by Nigerians living and working across the region.

The Governor also highlighted the growing role of financial technology and artificial intelligence in improving financial services, strengthening risk management, supporting inclusion and enhancing regulatory capabilities.

The Singapore engagements form part of a broader programme of institutional and market engagement across Asia, including further meetings in Beijing.

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Director of the Monetary Policy Department at the CBN, Dr. Victor Oboh, received the award on behalf of the Governor of the bank, Mr. Olayemi Cardoso.

The recognition comes amid a series of reforms undertaken by the apex bank across the monetary, foreign exchange and financial sectors over the past three years.

Among the measures highlighted were reforms to the foreign exchange market, the clearance of longstanding foreign exchange obligations, the cessation of Ways and Means financing to the federal government, the implementation of the Payment System Vision 2028, and the recapitalisation of the Nigerian banking industry, aimed at creating a stronger, more resilient, and globally competitive financial system.

According to the organisers, the reforms have improvedkey macroeconomic indicators, including easing inflationary pressures, strengthening external reserves,and greater stability in the foreign exchange market.

It also noted that the premium between the official and parallel foreign exchange markets had narrowed to less than two per cent, and that remittance and capital inflows, as well as investor confidence, had improved.

The CBN attributed the developments to ongoing policy measures to restore confidence in the economy and to strengthen the country’s monetary and financial system.

The NES recognition follows the CBN’s recent emergence as Global Central Bank of the Year, furtherbolstering international recognition of its reform programme and policy initiatives.

Speaking on the NES award, Cardoso described the recognition as an endorsement of the institution’s commitment to excellence, resilience and national development.

“The Distinguished Organisation Award is a testament to the Central Bank of Nigeria’s unwavering pursuit of excellence, institutional resilience, and commitment to national development,” the governor said.

He added that the award reinforced the bank’s commitment to macroeconomic stability, a stronger financial system and sustainable economic growth.

“As it continues to implement reforms and innovate to fulfil its mandate, the CBN remains firmly committed to building a stronger economy and a brighter future for Nigeria,” Cardoso said.

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The apex bank disclosed this today in  statement signed by Sidi-Ali, Hakama (Mrs)
Ag. Director, Corporate Communications
and Investor Relations Department.

The statement  added that this supervisory priority covers, at a high level, terrorism financing risk management, terrorism
financing transaction monitoring, targeted financial sanctions implementation, and terrorism financing-related suspicious transaction reporting.

It reads further The Bank will continue to apply a risk-based supervisory approach, including on-site and off-site engagement, to support effective AML/CFT/CPF controls across the financial sector in line with existing legal and regulatory obligations.

“This supervisory focus also supports Nigeria’s ongoing domestic and international cooperation on counter-terrorism financing, counter-proliferation financing, financial integrity, and the protection of the financial system.

The statement noted that further supervisory engagement will be undertaken as appropriate.

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It added that imports stood at N14.4 trillion, indicating trade surplus of N12.59 trillion, while  Non-oil exports rose to N14.1 trillion, crude oil N12.9 trillion and non-oil N3.72 trillion.

“The merchandise trade balance remained positive at ₦12,596.86 billion in Q2 2026, representing a 101.32% increase compared with the value recorded in the corresponding quarter of 2025”

In the quarter under review, exports accounted for 65.20% of total trade valued at ₦27,020.88 billion,” NBS said.

“This represents an 18.77% increase from the ₦22,750.74 billion recorded in the corresponding quarter of 2025 and a 27.64% increase from ₦21,169.27 billion value recorded in Q1 2026.”

Crude oil stood at tQ2 2026, valued at N12.91 trillion and accounting for 47.79 percent of total exports.

NBS noted that non-crude oil exports rose to N14.10 trillion, accounting for 52.21 percent of total exports, while non-oil products contributed 13.80 percent or N3.72 trillion.

Nigeria’s import accounted for 34.80 percent of total trade, with a value of N14.42 trillion in Q2 2026.

The figure represents a 12.55 percent decrease compared to N16.49 trillion recorded in Q2 2025, and a 5.91 percent increase from N13.61 trillion recorded in Q1 2026.

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IMTO inflows reached US$3.8 billion in the first seven months of 2026 — 50.2% higher than the same period in 2025, pointing to a significant strengthening in flows through formal channels.
The increase follows a series of reforms by the CBN aimed at making formal remittance channels more competitive, transparent and accessible. These include a move to a more market-determined exchange rate, reforms to the regulatory framework for IMTOs, and the introduction of the Non-Resident Bank Verification Number (NRBVN), alongside closer engagement with IMTOs, banks, and Nigerian diaspora communities. More recently, the CBN has strengthened requirements for remittance transactions to be routed through designated settlement accounts with authorised dealer banks.
The significance extends beyond the headline figure. Increasing diaspora flows through formal channels boosts foreign-exchange liquidity and transparency, supports households and investment, and strengthens Nigeria’s external financing position.

“When we set a clear ambition to reach US$1 billion a month in remittance inflows through formal channels nearly two years ago, some people thought we were dreaming. At US$947 million in July, we are now approaching that milestone,” Governor Cardoso said.
While individual monthly figures will naturally vary, the CBN’s focus is on the broader trajectory and on sustaining the shift towards formal channels. The significant increase in inflows recorded so far in 2026 points to the growing impact of reforms designed to make formal remittance channels more competitive, accessible and transparent.

The CBN is building on this momentum by deepening engagement with Nigerian diaspora communities and financial-sector partners across key remittance corridors. As part of its wider international engagements, the Bank will continue to use opportunities in major global financial centres to engage diaspora communities, IMTOs, banks and other stakeholders to reduce friction, widen access and bring a greater share of remittance flows into formal channels.

Governor Cardoso added: “July is an important marker, but our focus is not on a single month. It is on creating the conditions for sustained growth in formal remittances. We expect to keep seeing improvement and believe Nigeria can reach and ultimately sustain monthly inflows above US$1 billion.”

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The programme, which opens for applications on August 12, 2026 and closes on August 31, 2026, will run under two dedicated tracks: the Virtual Asset Service Provider (VASP) Track and the Data-Enabled Financial Services Track.

A statement signed by the Acting Director, Corporate Communications and Investor Relations Department, Mrs. Hakama Sidi Ali, said the VASP Track will support innovative solutions in virtual assets, stablecoins, payments, settlement, custody, wallets, and related financial infrastructure that require supervised live testing.

The Data-Enabled Financial Services Track, which excludes VASPs, will focus on innovations that use secure digital infrastructure and permission-based data sharing to improve financial inclusion, payments, credit, risk management, operational efficiency, and consumer outcomes.

The statement said the Regulatory Sandbox offers a controlled environment in which eligible participants can test innovative financial products, services, business models, and enabling technologies under its supervision.

According to the bank, the programme enables innovators and regulators to engage constructively during testing, supports regulatory learning, and encourages responsible innovation that benefits consumers and the wider financial system.

The launch of Cohort 2, the CBN added, reflects its commitment to a transparent, proportionate, and risk-based regulatory environment that promotes innovation while safeguarding monetary and financial stability.

It noted that insights from supervised testing would deepen regulatory understanding of emerging technologies and inform the ongoing development of regulatory and supervisory frameworks for Nigeria’s evolving digital financial ecosystem.

Commenting on the launch, the Director of the Payments System Policy Department, CBN, Mr. Musa Jimoh, said financial innovation was continuing to transform the way individuals and businesses access and use financial services.

He said: “The CBN Regulatory Sandbox, which is powered by technology in partnership with EMTECH, enables innovators and regulators to engage in a structured and collaborative manner, allowing promising solutions to be tested responsibly while maintaining appropriate safeguards for consumers and the financial system.

“The introduction of dedicated tracks for Virtual Asset Service Providers and data-enabled financial services reflects the evolving nature of financial innovation and our commitment to ensuring that Nigeria’s regulatory environment continues to support responsible, transparent innovation that is aligned with the long-term development of our financial system,” he noted.

The CBN encouraged all eligible organisations whose proposed innovations fall within the programme’s scope to apply.

It explained that applications would be assessed based on the level of innovation, readiness for controlled live testing, potential consumer or market benefit, governance arrangements, risk management capability, and the suitability of the proposed testing plan.

Successful participants, according to the CBN, will undertake supervised testing within clearly defined parameters agreed with the CBN, including appropriate safeguards for consumer protection, operational resilience, cybersecurity, and regulatory reporting.

The bank, however, stressed that participation in the Regulatory Sandbox does not constitute a licence, authorisation, or approval to operate outside the approved testing parameters.

It said the Sandbox was intended to facilitate responsible experimentation, strengthen regulatory engagement, and support evidence-based policy development in line with its statutory mandate.

While advising interested applicants to apply through the CBN Regulatory Sandbox Portal at https://sandbox.cbn.gov.ng before the deadline, the statement reaffirmed the Bank’s commitment to fostering an innovative, resilient, and inclusive financial ecosystem that supports sustainable economic growth while maintaining the

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