CBN Governor Highlights Progress of Nigeria’s Economic Reforms at IMF Meetings

Washington D.C., April 2025 — Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has expressed optimism over the country’s economic reforms, citing notable improvements in macroeconomic stability, external reserves, and investor confidence.

Speaking at a press briefing at the conclusion of the IMF/World Bank Spring Meetings in Washington D.C., Cardoso outlined key achievements recorded under the ongoing reforms, while stressing the need for sustained efforts.

He highlighted Nigeria’s progress in strengthening monetary buffers, pointing to Fitch’s recent upgrade of the country’s credit outlook as evidence of disciplined policy measures. He added that the CBN remains committed to bringing inflation down to single digits to protect citizens' purchasing power and encourage long-term investments.

According to Cardoso, Nigeria’s foreign reserves have now exceeded $38 billion, providing over 10 months of import cover. He also disclosed that the country recorded a balance of payments surplus of $6.83 billion in 2024, described as the strongest performance in recent years.

The Governor noted growing investor confidence, citing positive feedback from global investors and the Nigerian diaspora as indicators of renewed alignment with the nation's economic direction. He further revealed that banking sector reforms are underway, aimed at recapitalizing banks to ensure greater financial stability and increased capacity to support the real economy.

While acknowledging existing challenges, Cardoso reassured Nigerians of the commitment to the reform agenda.

"These reforms are not easy, but they are delivering results. We are moving from vulnerability to strength," he said.

The CBN delegation is expected to return to Nigeria with a renewed commitment to deepening reforms amid prevailing global economic uncertainties.