The Central Bank of Nigeria (CBN) has said that investor confidence in Nigeria’s economy is strengthening, buoyed by ongoing reforms that have stabilized the naira, slowed inflation, and improved transparency in monetary operations.
Speaking at a press conference on the sidelines of the IMF and World Bank Annual Meetings in Washington D.C., the CBN Governor, Olayemi Cardoso, said engagements with global investors, rating agencies, and multilateral partners reflected “a tone of confidence and constructive partnership” toward Nigeria’s reform trajectory.
According to him, the Nigerian delegation has held extensive engagements with the IMF, World Bank, IFC, rating agencies, Fitch, Moody’s, and S&P, as well as investors, development partners, and other central banks.
“There is broad recognition that Nigeria’s reforms are delivering results: inflation is moderating, the exchange rate has stabilized, and investor confidence is returning,” he said.
Naira stability and strong reserves
Cardoso said the naira continues to strengthen, with the gap between official and Bureau de Change (BDC) rates narrowing to below 2%, reflecting growing market confidence and reduced speculation.
- He revealed that Nigeria’s foreign reserves now exceed $43 billion, providing more than 11 months of import cover, supported by renewed capital inflows and increased investor participation across asset classes.
- The CBN Governor noted that headline inflation fell for the sixth consecutive month in September to 18.02%, down from 20.12% in August, the lowest in three years.
- He added that core and food inflation also eased, driven by disciplined monetary tightening, exchange rate unification, and improved market transparency.
“These indicators show that the policy adjustments undertaken over the past two years are producing the right results.
“Our focus remains on sustaining stability, deepening reforms, and ensuring that macroeconomic gains translate into better livelihoods for Nigerians,” Cardoso noted.
Fiscal reforms, stronger collaboration
Cardoso, who was joined at the press briefing by Minister of State for Finance, Dr. Doris Uzoka-Anite, emphasized that coordination between fiscal and monetary authorities has strengthened confidence among development partners and global investors.
- He said fiscal reforms under the Tinubu administration, including subsidy removal, expenditure rationalization, and improved revenue mobilization are helping rebalance public finances and free up resources for productive investments in infrastructure, education, and healthcare.
- According to him, public revenues from the non-oil sector are also rising, providing a more diversified base for fiscal stability, while reduced insecurity in oil-producing areas and targeted incentives have attracted over $8 billion in new energy investments, he added.
- As part of the gains of the World Bank/IMF Meetings, the Governor further disclosed that Nigeria signed a Memorandum of Understanding with the Central Bank of Angola to enhance monetary cooperation and promote financial stability within Africa.
- Cardoso also announced that Nigeria will formally assume the Chairmanship of the Intergovernmental Group of Twenty-Four (G-24) on November 1, 2025, a key body representing developing countries within the Bretton Woods system.
He said the appointment reflects “international confidence in Nigeria’s leadership and reform credibility.”
“We return home encouraged by the confidence reaffirmed in our mission. Our story is one of resilience of a nation aligning courage with conviction to build a more competitive, innovative, and inclusive economy,” the CBN Governor stated.
More insights
- Nairametrics earlier this week reported Nigeria’s assumption of the chairmanship of the G-24, taking over from Argentina as announced during the IMF/World Bank Annual Meetings
- The G-24, formally known as the Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development, comprises developing nations across Africa, Asia, Latin America, and the Caribbean.
- Established in 1971 as a chapter of the Group of 77, the G-24 aims to coordinate the positions of developing countries on international monetary and development finance issues, ensuring their interests are represented in global negotiations.
