CBN Governor Cardoso woos foreign investors, says Nigeria’s bad systemic past dead and buried

Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has declared that Nigeria has moved beyond what he described as a deeply flawed economic system, assuring foreign investors that reforms are laying the foundation for a transparent, stable and investor-friendly economy.

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Mr Cardoso spoke during a fireside chat with Odile Renaud-Basso, president of the European Bank for Reconstruction and Development (EBRD), at the Africa Capital Forum held in London on March 17.

The high-level gathering, themed “From Stabilisation to Capital Mobilisation,” brought together policymakers, institutional investors, development finance institutions, fintech leaders and members of the Nigerian diaspora to assess Nigeria’s reform progress and explore pathways for unlocking long-term capital.

Addressing investors, Mr Cardoso acknowledged that Nigeria had recently faced severe macroeconomic turbulence.

“Nigeria has gone through the worst economic crisis in its history,” he said, pointing to high inflation, excess liquidity and capital flight.

He, however, said the tide is turning.

“What used to be our very high inflation figure has now been halved, and we have had 11 consistent months of disinflation,” he said.

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“The economic system we had is now dead and buried. What we have now is a system that emphasises liquidity, openness and transparency.”

Mr Cardoso said a key reform priority is dismantling opaque practices and restoring trust in the apex bank.

“One of the promises I made was to ensure that people do not need to know anyone at the CBN to get their transactions done,” he said.

He stressed that monetary policy decisions are now evidence-based and insulated from political pressure.

“This is the first time in many years that we have had this kind of policy consistency that is most likely to stay the course,” he said, adding that improved stability is critical to attracting investment into sectors such as power, infrastructure, agriculture and services.

The CBN governor also highlighted the growing global footprint of Nigerian banks, noting that seven are currently operating in the United Kingdom, with one opening a new branch in Manchester.

“They are our ambassadors and must be fit for purpose,” he said.

According to him, 23 banks have met the regulator’s recapitalisation requirements, while others are undergoing verification, as part of efforts to strengthen the financial system.

He added that the CBN is moving towards a rule-based regulatory framework to improve governance and reduce discretion.

Mr Cardoso urged the EBRD and other multilateral funders to invest in subnationals in Nigeria.

In her remarks, Ms Renaud-Basso said the EBRD is optimistic about Nigeria’s economic trajectory and plans to commence investments in the country.

“We see significant potential and the macroeconomic reforms underway,” she said, citing improvements in institutional development and the rule of law.

She noted that economic transitions are often politically costly but require “courage, vision and tenacity,” while emphasising the need for inclusiveness, resilience and transparency.

The forum formed part of engagements during Bola Ahmed Tinubu’s state visit to the United Kingdom and served as a platform to showcase Nigeria’s economic reset to global investors.

In his remarks, Wale Edun, Minister of Finance and Coordinating Minister of the Economy, outlined progress in aligning fiscal and monetary policies, a move he said is critical to restoring investor confidence.

Beyond the fireside chat, the forum featured a series of high-level panel discussions examining the pillars of Nigeria’s economic transformation.

A session on “Nigeria’s Macro Reset: Repricing Risk and Reopening Capital Markets” brought together senior figures, including Philip Ikeazor, Melis Ekmen Tabojer of the EBRD, Chris Chijiutomi of British International Investment, Olimpia Gjino of the International Finance Corporation (IFC), and Steve Grey of UK Export Finance.
The panel examined how recent reforms are helping to reprice Nigeria’s risk profile and reopen access to global capital markets.

Another session focused on “Nigerian Banks on the Global Stage,” featuring some of the industry’s chief executive officers, including Yemisi Edun (First City Monument Bank), Segun Alebiosu (First Bank), Oliver Alawuba (United Bank for Africa), Miriam Olusanya (Guaranty Trust Bank) and Akin Ogunranti of Zenith Bank.

Discussions centred on how Nigerian banks are driving cross-border expansion, innovation and capital flows across Africa and beyond.

A separate panel on fintech and remittances explored how digital innovation can unlock diaspora capital. Speakers included Temi Popoola, Neeraj Kapur of Crown Agents Bank, Odunayo Eweniyi and Ridwan Olalere. The session highlighted the growing role of financial technology in improving remittance flows and expanding access to financial services.

READ ALSO: Nigerian banks raise N4.61 trillion ahead of 31 March deadline – CBN

Another key discussion, “Regulation, Risk and Resilience,” focused on strengthening confidence in Nigeria’s financial system. Participants included Muhammad Sani Abdullahi, Ravi Bhatia of S&P Global, Roosevelt Ogbonna and Mariana Jiménez-Huerta of Prudential Plc. They emphasised the importance of regulatory clarity, risk management and institutional credibility in attracting long-term investment.

Organisers said the forum reflects growing confidence that Nigeria is transitioning from a phase of macroeconomic stabilisation to one of sustained growth and capital mobilisation.

Recent reforms, ranging from foreign exchange adjustments to banking sector recapitalisation and increased diaspora remittances, were cited as evidence of a system moving towards resilience.

For Mr Cardoso, the message to investors was unequivocal: Nigeria is open for business under a new economic order.

“Investment worries are now something of the past,” he said.

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Musikilu Mojeed

Musikilu Mojeed is the Editor-in-Chief, Chief Operating Officer and co-founder of Nigeria´s Premium Times newspaper. Mojeed is an award-winning journalist and a member of the International Consortium of Investigative Journalists (ICIJ). A 2012 Knight Journalism Fellow at Stanford University, and 2009 Ford Foundation International Fellow at The City University of New York, Mojeed was a Jury Member of the UNESCO World Press Freedom Awards, completing his three-year tenure in 2016. Mojeed shared a Pulitzer for his team’s groundbreaking reporting on the Panama Papers. He has also been honoured with the Global Shining Light Award, FAIR’s Editor’s Courage Award, the Wole Soyinka Investigative Reporting Awards, Global Editor's Network’s Data Journalism Award. Mojeed is a trustee of the Global Media Campaign to End Female Genital Mutilation and was on the board of the Forum for African Investigative Reporters. He is a member of the U.S-based Investigative Reporters and Editors (IRE). He chairs the Board of the Premium Times Centre for Investigative Journalism and is a creator of two important platforms: nigeriapolicewatch.com and imoleng.com. Mojeed holds a Bachelor’s Degree in Communication Arts (the University of Uyo, Nigeria), and a Master’s Degree in Journalism (the Graduate School of Journalism, the City University of New York).