The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has downplayed concerns over the potential impact of the Middle East crisis on Nigeria’s economy, insisting that ongoing global uncertainties will not derail efforts to achieve economic stability and single-digit inflation.
Speaking at the sidelines of the IMF/World Bank Spring Meetings, Cardoso said the apex bank remains committed to its reform agenda, stressing that recent global shocks have not weakened Nigeria’s resilience strategy.
He defended the Monetary Policy Committee’s cautious stance on interest rates, noting that decisions were guided strictly by data rather than public pressure for aggressive rate cuts.
“There was a feeling that we would be more aggressive with reducing rates because of the several months of deceleration, but MPC members had access to broader indicators pointing to underlying risks.
“Our decisions are based on data, and recent developments have validated that approach,” Cardoso said.
According to him, the reforms already implemented have helped cushion the economy against potential external shocks, warning that the situation could have been worse without those measures.
He added that signs of macroeconomic stability were beginning to emerge, with earlier pressures gradually easing.
“Stability has begun to take hold, and some of the negative consequences of past volatility are now behind us,” he stated.
Cardoso reaffirmed the bank’s commitment to sustaining reforms and maintaining price stability, noting that reducing inflation remains central to improving the welfare of Nigerians.
Also speaking, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said Nigeria’s reform programme is gaining global recognition for its credibility and long-term sustainability.
“Nigeria is better positioned today to withstand external shocks,” Edun said, adding that engagements with international institutions such as the International Monetary Fund and the International Finance Corporation reflected growing confidence in the country’s economic direction.
He noted increasing investor interest in key sectors, including energy, agriculture, and digital innovation, describing the outcome of the meetings as positive for Nigeria’s economic outlook.
“The message is clear: our reforms are working, confidence is returning, and Nigeria is on a stronger path to sustainable growth,” Edun concluded.