The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has acknowledged that the economic reforms implemented by President Bola Ahmed Tinubu’s administration over the past eighteen months are challenging but are beginning to yield positive outcomes.
Speaking after the 2025 IMF/World Bank Spring Meetings in Washington, D.C., Cardoso emphasised that the Nigerian delegation attended the meetings to showcase the country’s economic reforms under President Tinubu’s leadership.
Cardoso stated, “Thanks to the steps taken over the past 18 months, we have strengthened our monetary buffers and positioned Nigeria to better withstand external shocks.”
He further addressed Nigerians directly, saying, “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.”
The Tinubu administration has introduced several policies, including the liberalisation of the foreign exchange market and the removal of fuel subsidies in 2023.
Under Cardoso’s leadership, the Central Bank has implemented measures such as the introduction of the Electronic Foreign Exchange System (EFEMS) and the recapitalisation of the financial system.
Despite these efforts, challenges remain, with Nigeria’s inflation rate recorded at 23.18 per cent in March and the interest rate standing at 27.50 percent in February 2025, amidst the rising cost of living.
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cc: Daily Post Ng
