The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has emphasized that the Federal Government’s ongoing economic reforms and bold fiscal consolidation measures are vital for placing the nation’s economy on a sustainable growth path.
Cardoso made this known on Tuesday in Abuja while delivering the keynote address at the 2025 Annual Executive Seminar of the apex bank, themed “Deepening Reforms: Path to Diversification and Sustainable Growth.”
He acknowledged that although many of the reforms have posed short-term challenges, they are necessary for securing long-term stability and prosperity.
“Nigeria’s financial markets, within a shifting global landscape, underscore the need to strengthen investor confidence through credible policies, transparent markets, and sound governance,” Cardoso said.
He added that such measures have already begun to restore investor confidence, noting that price stability remains central to the CBN’s policy framework.
“A credible inflation-targeting regime enhances predictability, guides market expectations, and anchors long-term investments needed for sustainable growth,” he stated.
The Minister of State for Finance, Dr. Doris Uzoka-Anite, reaffirmed the finance ministry’s strong partnership with the CBN, describing both institutions as the twin pillars of Nigeria’s economic stability.
She noted that the collaboration between fiscal and monetary authorities is essential for achieving higher growth, productivity, and competitiveness.
According to Uzoka-Anite, the government aims to achieve an average GDP growth rate of over 4% per annum by 2027.
“At that rate, our GDP would double by 2037. However, achieving a growth rate of 7% or more would significantly accelerate this outcome, doubling national and household incomes and substantially reducing poverty,” she explained.
She further highlighted President Bola Tinubu’s ambitious goal of growing Nigeria’s GDP to $1 trillion by 2037 — a target that would require sustained annual growth of 10–12%.
“That stretch goal is a great motivator. As policymakers, our focus must be on creating the right conditions to achieve the President’s vision,” she added.
CBN’s Deputy Governor for Economic Planning, Dr. Mohammed Abdullahi, described the annual executive seminar as a strategic platform for the bank’s leadership to review emerging domestic and global economic trends and refine policy directions.
He said the 2025 seminar theme reflected current realities and the joint efforts by both monetary and fiscal authorities to restore macroeconomic stability, boost investor confidence, and place Nigeria firmly on a sustainable growth trajectory.
“Over the past 18 months, Nigeria has undergone one of the most extensive reform phases in its recent history,” Abdullahi noted.
“These include robust fiscal consolidation, unification and liberalization of the foreign exchange market, and improved monetary–fiscal coordination.”
He acknowledged that early indicators point to positive macroeconomic adjustments but stressed that the reform process remains incomplete.
“Sustained policy collaboration and structural reforms are essential to consolidate these emerging gains,” he said, adding that the key challenge for 2026 and beyond would be to deepen reforms to ensure a transition from stabilization to sustained, inclusive growth.