CBN governor Olayemi Cardoso says Nigeria economic reforms have strengthened stability, FX market, and investor confidence at Africa Capital Forum in London
Olayemi Cardoso, governor of the Central Bank of Nigeria, has said recent monetary and financial sector reforms have strengthened Nigeria’s capacity to withstand external shocks and restored investor confidence.
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Cardoso made the remarks on Tuesday at the Africa Capital Forum in London, held on the sidelines of President Bola Tinubu’s state visit to the United Kingdom.
The forum, themed “From Stabilisation to Capital Mobilisation,” was jointly hosted by the CBN and the UK Foreign, Commonwealth and Development Office.
The CBN governor highlighted that policy tightening and institutional reforms have created stronger capacity to withstand shocks, while the foreign exchange market now operates with improved transparency and liquidity.
A new FX manual has removed several capital controls and simplified trade and investment processes, he said.
Cardoso added that the apex bank has finalised a new payments system vision aimed at enhancing Nigeria’s position in digital and cross-border payments.
On the banking sector, he said over 30 banks have met new capital requirements, with foreign investors contributing about 28 percent of recapitalisation investments, reflecting renewed confidence in the financial system.
Diaspora remittances have also increased, contributing to diversification of foreign exchange inflows, while inflation has moderated and exchange rate stability has improved, he said.
“Our focus going forward is to protect the hard-earned stability we have accomplished so investors and stakeholders can plan with confidence,” Cardoso stated, emphasising the need for coordination between monetary and fiscal authorities to sustain growth.
Deputy governors Muhammad Sani Abdullahi and Philip Ikeazor reinforced the message, noting that macroeconomic stability has improved, reserves are robust, and the reforms are designed to endure beyond the current administration.
International observers at the forum praised Nigeria’s progress. Jonny Baxter stressed that the next phase should convert investor interest into long-term capital.
Odile Renaud-Basso and Melis Ekmen Tabojer highlighted Nigeria’s economic potential and the positive impact of reforms on investor behaviour.
Steve Gray noted that transparency underpins investor confidence, while Sanyade Okoli stressed the importance of attracting long-term equity capital to drive growth.
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Banking sector leaders, including chief executives of major Nigerian banks, also backed the reforms, stating that they have strengthened institutional capacity and confidence, positioning Nigeria to mobilise domestic and international capital effectively.
