The key messaging from Nigeria’s delegation at the 2025 International Monetary Fund/World Bank annual meeting in Washington DC is that Nigeria's economic reform agenda is yielding tangible results, steering the nation toward stability, inclusiveness, and innovation-driven growth. According to Mr Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN) and the Leader of the …
Cardoso Reflects on 5 Key Achievements of Nigeria’s Economic Reform
The key messaging from Nigeria’s delegation at the 2025 International Monetary Fund/World Bank annual meeting in Washington DC is that Nigeria’s economic reform agenda is yielding tangible results, steering the nation toward stability, inclusiveness, and innovation-driven growth.
According to Mr Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN) and the Leader of the Nigerian delegation, the country’s path is firmly set, with the ongoing reforms enhancing fiscal discipline and attracting global investor confidence.
Addressing the conclusion of the 2025 Annual Meetings, Cardoso highlighted Nigeria’s active participation as a demonstration of renewed credibility on the global stage.
The CBN governor noted that the nation’s message of policy consistency, macroeconomic stability, and structural reforms has been well received by global investors, financial institutions, and development partners.
Inflation Drops, Investor Confidence Returns
Cardoso emphasised that Nigeria’s economy is on a growth trajectory despite global economic challenges. The country’s efforts in managing inflation, stabilising the exchange rate, and implementing consistent fiscal policies are paying off.
In September, Nigeria witnessed a drop in headline inflation to 18.02%, marking the sixth consecutive monthly decline, with core and food inflation also easing.
READ ALSO: Nigeria’s Reforms Yielding Results, Investor Confidence Returning – Cardoso
“Innovation moderation, exchange rate stability, and the return of investor confidence are all indicative of the country’s sustained economic reforms,” Cardoso said, adding that foreign reserves have surpassed $43 billion, providing the country with more than 11 months of import cover.
Significant Gains in Revenue Mobilization, Public Spending
On the fiscal front, Cardoso highlighted the federal government’s progress in revenue mobilisation, cutting waste, and focusing spending on impactful sectors such as infrastructure, education, and healthcare.
Notable reforms like the removal of fuel subsidies and rationalisation of public spending have created fiscal space for more productive investments. These measures are crucial in facilitating the next phase of Nigeria’s economic agenda, which focuses on driving inclusive growth, job creation, and poverty alleviation.
Technology-Driven Monetary Policy: CBN’s Forward-Looking Approach
The CBN has adopted a data-driven, technology-enhanced approach to monetary policy, leveraging artificial intelligence and advanced analytics for better decision-making.
Cardoso affirmed that Nigeria’s monetary policy remains transparent, credible, and effective, with tools like the Monetary Policy Rate (MPR) and Cash Reserve Requirement (CRR) guiding inflation expectations.
READ ALSO: CBN Signs Pact with Angola to Improve Central Banking Operations
Additionally, ongoing bank recapitalisation efforts are strengthening Nigeria’s financial sector to support the country’s next phase of economic expansion.
Nigeria Chairmanship of G-24: Strengthening Global Economic Influence
Cardoso also celebrated Nigeria’s assumption of the chairmanship of the Intergovernmental Group of Twenty-Four (G-24) on International Monetary Affairs and Development.
The G-24’s role in coordinating the positions of developing countries within the Bretton Woods system enhances Nigeria’s influence in global financial and economic discussions.
This achievement highlights Nigeria’s growing voice and leadership in shaping the global economic landscape.
Fintech: Shaping Nigeria’s Digital Financial Future
A significant part of Nigeria’s economic reform agenda includes fostering the growth of its fintech ecosystem.
The CBN hosted a strategic dialogue with Nigerian fintech leaders, emphasising the importance of balancing innovation with sound regulation.
READ ALSO: IMF Raises Nigeria’s Economic Growth Forecast to 3.9%
“Our fintechs are ambassadors of Nigeria’s creativity and global relevance,” Cardoso remarked, stressing that innovation should always support financial stability and economic sovereignty.
Sustaining Stability and Shared Prosperity
Cardoso reaffirmed the CBN’s commitment to sustaining macroeconomic stability, deepening structural reforms, and ensuring that policy gains translate into tangible improvements in the lives of Nigerians.
“Nigeria’s journey is one of resilience, where we align courage with conviction to build a more competitive, innovative, and inclusive economy,” he said.
Dr Doris Uzoka-Anite, Minister of State for Finance, commended Cardoso’s leadership and expressed appreciation for the collaborative efforts of the Nigerian delegation. “The outcomes of this week are a direct result of our strong collaboration,” she concluded
Sunday Michael Ogwu is a Nigerian journalist and editor of Pinnacle Daily. He is known for his work in business and economic reporting. He has held editorial roles in prominent Nigerian media outlets, where he has focused on economic policy, financial markets, and developmental issues affecting Nigeria and Africa more broadly.
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