The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said that current reforms being implemented by the government would position Nigeria for increased future growth.
He said this on Tuesday at the FT Africa Summit in London, reported Reuters.
The CBN governor, who said that economic growth might remain moderate in 2025 in line with a World Bank projection of around 3.6 per cent, asserted, “With the reforms that are being taken right now, it will put Nigeria in a far better position to see the increase on the growth side.”
He reiterated that the central bank was prepared to use any tools at its disposal to manage inflation.
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said that current reforms being implemented by the government would position Nigeria for increased future growth.
He said this on Tuesday at the FT Africa Summit in London, reported Reuters.
The CBN governor, who said that economic growth might remain moderate in 2025 in line with a World Bank projection of around 3.6 per cent, asserted, “With the reforms that are being taken right now, it will put Nigeria in a far better position to see the increase on the growth side.”
He reiterated that the central bank was prepared to use any tools at its disposal to manage inflation.
Inflation in the country rose to 32.70 per cent in September on the back of higher food and energy costs, after two months of consecutive decline.
Price pressures have been exacerbated by the government’s decision to scrap petrol and electricity subsidies and to devalue the naira twice since President Bola Tinubu took over in May 2023.
Cardoso told the summit that while he expected headline inflation to moderate in the coming months, food inflation was “proving stickier”, noting that the bank was working closely with the government to address that.
He added that now was not the time for the country to pull back on its reforms as they were beginning to attract growing and serious interest from foreign investors.
Citing recent visits to the country by Citigroup CEO Jane Fraser and JPMorgan’s Jamie Dimon, the CBN governor said, “There is an enormous amount of interest now, recognising the fact that the Nigerian currency is relatively moderated and has made our economy a lot more competitive.
“With the reforms that are being taken right now, it will put Nigeria in a far better position to see the increase on the growth side.”
Cardoso declared that measures introduced by the central bank to restore investor confidence were working and that there were now “minimal” complaints about lack of access to foreign exchange compared to “before, when only a handful of people could get it”.
“Now, the market is a lot deeper… and it (forex) is available,” he said.
The naira strengthened on the official trading window domiciled on the FMDQ Exchange on Tuesday to 1630.45/$ from 1670.65/$ as the daily turnover rose to $242.59m from $81.17m on Monday.
