By Seun Ibiyemi
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has said that the Federal Government’s ongoing economic reforms and fiscal consolidation efforts are critical to repositioning the Nigerian economy for sustainable growth.
Cardoso stated this on Tuesday in Abuja while delivering a keynote address at the 2025 Annual Executive Seminar of the CBN, themed “Deepening Reforms: Path to Diversification and Sustainable Growth.”
He noted that while the reforms have brought short-term challenges, they are essential to building a stronger and more resilient economy.
“The reforms may be painful in the short term, but they are necessary to put the economy on a more sustainable growth trajectory,” he said.
According to Cardoso, Nigeria’s financial markets, in an increasingly dynamic global environment, require credible policies, transparent operations, and sound governance to attract and retain investor confidence.
“As a result of credible policies, transparent markets and sound governance, we have seen a return of investor confidence in our markets,” he said, adding that price stability and a credible inflation-targeting framework remain central to the apex bank’s policy thrust.
The Minister of State for Finance, Dr. Doris Uzoka-Anite, who also spoke at the event, reaffirmed the strong collaboration between the Ministry of Finance and the CBN, describing them as the “fiscal and monetary pillars” of Nigeria’s economic stability.
She said the government’s goal is to grow the nation’s Gross Domestic Product (GDP) by more than 4 per cent annually by 2027, with a long-term vision of doubling GDP and significantly reducing poverty.
“President Bola Tinubu has set an ambitious target of building Nigeria’s GDP to one trillion dollars by 2037,” Uzoka-Anite said, adding that achieving this goal would require consistent annual growth rates between 10 and 12 per cent.
Also speaking, CBN’s Deputy Governor for Economic Planning, Dr. Mohammed Abdullahi, said the seminar serves as a strategic forum for the apex bank’s leadership to assess domestic and global macroeconomic developments and strengthen its policy framework.
He noted that Nigeria has undergone one of its most extensive reform phases in recent history, including fiscal consolidation, foreign exchange market unification, and enhanced monetary-fiscal coordination.
“Although early indicators suggest positive macroeconomic adjustments, the reform trajectory remains incomplete,” Abdullahi said. “Sustained policy collaboration and structural follow-through are crucial to consolidate the emerging gains.”
He stressed that Nigeria’s key policy challenge going forward is to deepen and consolidate the ongoing reforms to achieve inclusive and sustained growth beyond 2026.