The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said that the economic reforms initiated by President Bola Ahmed Tinubu’s administration over the past eighteen months, while challenging, are beginning to yield positive outcomes.
Cardoso made the remarks in excerpts released following the conclusion of the 2025 IMF/World Bank Spring Meetings held in Washington, D.C., United States. He emphasized that Nigeria’s delegation attended the global event to showcase the progress of the administration’s economic policies.
“Thanks to the steps taken over the past 18 months, we have strengthened our monetary buffers and positioned Nigeria to better withstand external shocks,” Cardoso stated. “To all Nigerians: these reforms are not easy, but they are delivering results. We have moved from a position of vulnerability towards one of growing strength, and our economic trajectory is beginning to turn positive.”
Hobnob News recalls that President Tinubu’s government, which came into office in 2023, launched sweeping reforms including the liberalization of the foreign exchange market and the removal of fuel subsidies—both of which were seen as critical but controversial moves to stabilize Africa’s largest economy.
Under Cardoso’s leadership at the CBN, notable initiatives such as the introduction of the FX code, the Electronic Foreign Exchange System (EFEMS), and the recapitalization of the financial sector have been rolled out to bolster economic stability.
Despite ongoing challenges, some macroeconomic indicators suggest gradual improvement. Nigeria’s inflation rate dropped to 23.18 percent as of March 2025, while the Monetary Policy Rate (MPR) was pegged at 27.50 percent in February, even as the country grapples with the high cost of living.
The Central Bank and the federal government have both reiterated their commitment to steering the economy towards sustainable growth, despite the short-term pains associated with these reforms.
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