The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, on Friday reiterated the plans of the Nigerian government to reduce the inflation rate to single digits.
Mr Cardoso spoke in Washington during a press conference addressed by the Nigerian economic team as part of activities marking the end of the 2025 IMF and World Bank Spring Meetings.
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The delegation was led by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and included Mr Cardoso, Director-General of the Debt Management Office, Patience Oniha, and other top officials of government.
The delegation had a series of meetings with fund managers, global financial leaders, multilateral institutions, investors and other development partners to cement existing relationships, create new partnerships and spread the news of the dividends of Nigeria’s economic reforms.
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Speaking at the press conference Friday, Mr Cardoso noted that the government recognises the impact of inflationary pressures on Nigerians and would work towards reducing the inflation rate to single digits.
“We recognise that inflation remains the most disruptive force to the economic welfare of Nigerians. Our policy stance is firmly focused on bringing inflation down to single digits in a sustainable manner over the medium term,” he said.
Nigeria’s annual inflation rate rose to 24.23 per cent in March from 23.18 per cent in February 2025, according to the National Bureau of Statistics (NBS). The bureau in its March 2025 headline inflation report said that the rate showed an increase of 1.05 per cent compared to the February 2025 headline inflation rate.
On a month-on-month basis, it said the headline inflation rate in March 2025 was 3.90 per cent, which was 1.85 per cent higher than the rate recorded in February 2025 (2.04 per cent). This, it said, means that in March 2025, the rate of increase in the average price level is higher than the rate of increase in the average price level in February 2025.
The CBN governor noted that the painful reforms embarked upon by Nigeria now yield positive results and at the IMF meetings this week, the nation was a reference point of how reforms could change the economic trajectory of a nation for the better.
“The reforms are not easy, but they are delivering results. We have moved from a position of vulnerability toward one of growing strength,” the CBN governor explained.
Job creation
Meanwhile, Mr Edun disclosed that the Nigerian government is in talks with development partners, notably the World Bank, to create job opportunities for Nigeria’s unemployed population in pursuit of sustainable employment and poverty eradication.
“The objective is to create jobs locally, empower youth, and support this through essential infrastructure.
“For young people, that includes digital infrastructure, access to data, internet, and fibre optic networks, to enable them to work remotely,” the minister said.
Nigeria’s unemployment rate dropped to 4.3 per cent in the second quarter of 2024, from 5.3 per cent in Q1 2024.
Uncertainty
Messrs Edun and Cardoso noted that the world now faces a very uncertain future, but Nigeria is well positioned to survive the shocks in the face of heightened tensions, inflation, and declining global growth.
Mr Cardoso stressed the significance of Nigeria’s efforts in restoring investor confidence, adding that Nigeria had a high-level investment forum at the Nasdaq MarketSite in New York, which gave insights into the positive impact of the reforms and growing appetite for investment in Nigeria by Diaspora Nigerians and non-Nigerians.
“The New York forum delivered powerful outcomes. It significantly bolstered investor confidence in Nigeria’s market fundamentals, with leading voices affirming the country’s economic progress and renewed standing as a compelling investment destination,” Mr Cardoso said.
The CBN governor added that Nigeria recorded a balance of payments surplus of $6.83 billion in 2024, principally on the back of rising exports and capital inflows. This supported the stability of the domestic unit amid, boosted investor confidence, discouraged speculative arbitrage and closed the gap between official and parallel market rates.
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Recapitalisation
Speaking on the banking sector, Mr Cardoso said the recapitalization efforts are gaining momentum with maximum support and compliance from all stakeholders in the banking sector.
The President Bola Tinubu government plans to set the nation on an ambitious trajectory of becoming a $1trn economy by 2030.
Consequently, the CBN set the capital base for financial lenders nationwide, highlighting its goal of enhancing banks’ ability to fund large-scale projects and drive economic activities.
According to the Securities and Exchange Commission, banks raised N2.2tn from the capital market in 2024 and there have been fresh rounds of capital raise ahead of the 2026 deadline.
“The banking sector recapitalisation is well underway, with strong momentum and stakeholder alignment,” Mr Cardoso said Friday.
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