By Matthew Denis
The Governor of the Central Bank of Nigeria (CBN), Dr. Yemi Cardoso, on Wednesday received the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, and the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, at the CBN headquarters in Abuja to strengthen collaboration on key economic reforms under President Bola Ahmed Tinubu’s administration.
The high-level meeting focused on aligning fiscal and monetary policies to stabilise the economy and sustain growth across critical sectors.
It also reviewed progress on the government’s ongoing reforms aimed at improving inflation management, promoting private investment, and driving inclusive growth.
The visit was described as a continuation of inter-agency coordination to ensure that monetary and fiscal measures are effectively synchronised to achieve macroeconomic stability and deliver on the Renewed Hope Agenda.
The government has continued to prioritise the digital economy as a key driver of innovation and financial inclusion through initiatives such as the Digital Nigeria Programme, which seeks to expand broadband penetration and nurture technology start-ups.
The administration has intensified engagement with the private sector to formulate policies and programmes that improve productivity and service delivery across all sectors.
The Federal Government has also encouraged private-sector investment in power, infrastructure, and agriculture to accelerate growth and job creation, with special funding support for Small and Medium Enterprises (SMEs).
In line with the goal of diversifying the economy beyond oil, the Tinubu administration has introduced various policies to reduce dependency on crude oil revenue while improving governance and productivity across non-oil sectors.
Social intervention programmes, including the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation (CREDICORP), have been rolled out to empower students and low-income earners, thereby promoting financial inclusion and social equity.
Recent economic data indicate significant progress in key indices. The CBN recently announced a reduction in interest rates—the first in five years—signalling growing confidence in the country’s macroeconomic outlook.
Also, tax waivers on food items have contributed to a notable drop in food prices and inflation. As of September 2025, food inflation declined by over 20.12 per cent, down from 21.88 per cent in the previous month, marking the lowest inflation rate in more than three months.
Nigeria’s external reserves also rose to $42.03 billion as of September 2025—the highest level since 2019—representing coverage for eight months of imports. Economic analysts have described this as a major milestone in restoring investor confidence and strengthening fiscal buffers.
According to President Bola Tinubu, diaspora remittances have continued to serve as a strong economic buffer, supporting millions of households across Nigeria.
In 2024, remittances reached $20.93 billion, representing an 8.9 per cent increase from the previous year and four times higher than the total foreign direct investment (FDI) inflow for the same period.
The CBN further disclosed that monthly diaspora remittances surged from $200 million to $600 million—a 200 per cent increase—in recent months, with projections showing inflows could reach $26 billion by 2025, driven by regulatory reforms and technological innovations.
Dr. Cardoso reiterated the Bank’s commitment to promoting financial stability through initiatives such as the Nigerian Autonomous Foreign Exchange Market (NAFEM) and the eNaira, both aimed at strengthening official remittance channels and encouraging diaspora investments.