Abuja: The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, emphasized the importance of the Federal Government’s economic reforms and fiscal consolidation measures, stating that they are essential for repositioning Nigeria’s economy towards sustainable growth. Cardoso delivered these remarks during the 2025 Annual Executive Seminar of the apex bank held in Abuja.
According to News Agency of Nigeria, Mr. Cardoso highlighted that although these reforms present short-term challenges, they are pivotal for long-term economic stability. The seminar’s theme, ‘Deepening Reforms: Path to Diversification and Sustainable Growth,’ underscores the strategic necessity of these measures. Cardoso noted the evolving global financial landscape and stressed the importance of boosting investor confidence through credible policies, transparent markets, and sound governance.
The Minister of State for Finance, Dr. Doris Uzoka-Anite, echoed the sentiments expressed by Cardoso, emphasizing the vital relationship between the finance ministry and the CBN. She pointed out that both institutions form the fiscal and monetary pillars essential for Nigeria’s economic stability. Uzoka-Anite outlined Nigeria’s ambitious goal to achieve a GDP growth rate exceeding four per cent per annum by 2027, with a long-term vision of doubling the GDP by 2037. She highlighted President Bola Tinubu’s goal of expanding Nigeria’s GDP to one trillion dollars by 2037, which would require a consistent GDP growth rate of 10-12 per cent annually.
CBN’s Deputy Governor, Economic Planning, Dr. Mohammed Abdullahi, noted the strategic significance of the annual seminar. He remarked that it serves as a platform for the CBN’s leadership to analyze domestic and global macroeconomic trends and deliberate on policies reinforcing the bank’s mandates. Abdullahi emphasized that the current theme of the seminar reflects the domestic realities and efforts by monetary and fiscal authorities to restore macroeconomic stability and strengthen investor confidence.
The discussions at the seminar brought attention to Nigeria’s recent extensive reform episodes, which include fiscal consolidation measures, foreign exchange market liberalization, and improved policy coordination. While initial indicators suggest positive macroeconomic adjustments, Abdullahi pointed out that the reform process is ongoing and requires sustained policy collaboration to build on emerging gains. He identified the central policy challenge for 2026 and beyond as the need to deepen reforms for a smooth transition to sustained and inclusive growth.