Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso has stated that for Nigeria to sustain its economic reforms, it must diversify its revenue sources to reduce its dependence on oil.
Speaking on Thursday during a panel discussion at the 2026 International Monetary Fund and World Bank annual meetings in Bangkok, Thailand, Cardoso noted that the country’s economic crisis forced policymakers to explore alternative foreign exchange sources and address structural weaknesses.
He explained that reliance on oil was unsustainable, particularly when production issues led to a shortfall in expected revenue.
Cardoso further revealed that Nigeria’s net external reserves had dropped to about $3 billion at one point, while outstanding foreign exchange backlogs exceeded $7 billion.
To stabilize the economy, he revealed that the central bank adopted an orthodox monetary policy approach, cleared the backlogs, and attracted investment.
He also noted that the bank sought to increase diaspora remittances by removing obstacles that previously hindered Nigerians abroad from sending money through formal channels.
Emphasizing the need to sustain reforms to restore investor confidence, Cardoso pointed out that stable macroeconomic indicators over the past couple of years have enabled Nigeria to return to the FTSE and J.P. Morgan Bond indices while earning upgrades from rating agencies.
He also highlighted the Dangote refinery as a strategic investment capable of reducing Nigeria’s dependence on exporting crude oil and importing refined petroleum products.
Meanwhile, Kristalina Georgieva, managing director of the International Monetary Fund, warned that global economic growth remains resilient but rests on a fragile foundation, with artificial intelligence investments supporting only a small group of economies.
While maintaining the 2026 global growth projection at 3.1 percent, Georgieva cautioned that economic performance is diverging sharply between countries benefiting from artificial intelligence and those facing conflicts or high fuel-import costs.
She also warned that rising energy and food prices could intensify inflationary pressures, forcing central banks to maintain tighter monetary policies as heavily indebted nations confront increasing debt-servicing costs.
