Central Bank of Nigeria, CBN, has assured Nigerians that the various reforms it has introduced is gradually yielding positive results.
Governor of the bank, Olayemi Cardoso, disclosed this during a joint press conference with the Hon. Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, at the sideline of just concluded World bank Group/ IMF 2025 spring meetings, held in Washington DC.
According to him though the reforms were not easy they are delivering results and have helped the country move from vulnerability toward one of growing strength.
“Thanks to the steps taken over the past 18 months, we have strengthened our monetary buffers and positioned Nigeria to better withstand external shocks”.
These steps, according to him have significantly bolstered investor confidence in Nigeria’s market fundamentals, with leading voices from across the global financial system going on record to affirm the country’s economic progress and renewed standing as a compelling investment destination.
“This growing confidence is further reinforced by Fitch’s recent upgrade of Nigeria’s credit outlook – underscoring international recognition of our disciplined reforms and the bold steps we are taking to restore macroeconomic stability”.
On the banking sector he said “The banking sector recapitalization is well underway, with strong momentum and stakeholder alignment, and will ensure that Nigerian banks are fully equipped to support the real economy with greater scale, stability, and capacity”.
He however reassured Nigerians despite the hard reform his optimistic that they are delivering results.
“We have moved from a position of vulnerability toward one of growing strength, and our economic trajectory is beginning to turn positive”.
“We return home mindful of global challenges yet filled with renewed commitment to stay the course and build on our gains in stability and resilience”.
Also, Wale Edun, assured Nigerian that is working with the World Bank to develop a job-creation agenda.
He noted that the meeting centred on creating jobs to provide a secure, promising future for Nigeria’s youth.
According to him, the aim is to set a direction for the World Bank and its Governors to agree on a forward-looking development agenda.
“The role of multilateral development institutions is central to driving global development, particularly through collaboration with country governors.
“The importance of the World Bank’s focus on job creation as a way of securing the future for young people globally.
He added that Africa, population with a projected 25 per cent of the world’s youth by 2050, was a key focus of the discussion.
