Nigerian Economy Gaining Stability — CBN Governor Cardoso
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has declared that the Nigerian economy is showing signs of stability. He made this known during a press briefing following the 300th meeting of the Monetary Policy Committee (MPC) held on Tuesday.
Cardoso noted that investor confidence in the Nigerian economy has seen significant improvement over the last 18 months, attributing this to recent macroeconomic reforms and consistent policy direction.
“Investors avoid economies that are unstable,” he said. “They come to make profits, not losses. When an economy stabilizes, it builds confidence, which then drives investment and ultimately growth.”
However, the CBN Governor admitted that challenges such as inflation persist, saying, “The inflation figures speak for themselves,” indicating that there’s still work to be done.
His remarks align with a recent report from the World Bank, which stated that Nigeria’s economy grew by 3.4% in 2024, reflecting positive economic momentum.
