Cardoso (middle) in Thailand
Cardoso disclosed this at the Nigeria news conference on Friday in Bangkok, Thailand, during the 2026 World Bank/IMF Annual Meetings.
The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has lauded the President Bola Tinubu reforms, says they are yielding positive results that have restored investors’ confidence in Nigeria high.
Cardoso urged the Federal Government to sustain economic reforms to consolidate stability and boost investor confidence.
Cardoso disclosed this at the Nigeria news conference on Friday in Bangkok, Thailand, during the 2026 World Bank/IMF Annual Meetings.
He said that Nigeria’s economic recovery had attracted international attention, with global policymakers acknowledging the country’s efforts to restore stability.
The CBN governor said that declining inflation and improved foreign exchange stability reflected progress made through monetary policy adjustments.
He urged policymakers to maintain the reform momentum, warning that abandoning difficult policies could reverse the gains achieved.
“We have shown that it can be done and that stability has finally returned,” he said.
Cardoso said that the premium between the official and parallel foreign exchange market rates had declined from about 60 per cent to between three per cent and four per cent.
He said improved stability had reduced exchange rate risks and created opportunities for long-term Naira-denominated investments.
According to him, development finance institutions should take greater responsibility for channelling resources into productive sectors, while the CBN focuses on price and macroeconomic stability.
He identified collaboration between governments, financial institutions and the private sector as critical to investment, job creation and sustainable economic growth.
Cardoso also highlighted transparency as an important factor in strengthening investor confidence, adding that credible policies could attract more domestic and foreign investments.
On Nigeria’s engagement with China, he said that the CBN was exploring stronger institutional cooperation, particularly in payment systems and knowledge-sharing with the People’s Bank of China.
He expressed optimism that closer cooperation could increase Asian investors’ interest in Nigerian and African financial instruments.
Cardoso also described Artificial Intelligence (AI) as an opportunity for developing economies to narrow the gap with advanced economies.
He, however, stressed the need for clear strategies, effective safeguards and international cooperation to address cybersecurity risks and ensure responsible AI adoption.
The CBN governor said that the apex bank had engaged experts to strengthen institutional understanding of AI opportunities and associated risks.
He said that sustained collaboration and consistent policies would help consolidate Nigeria’s economic gains and support long-term growth. (NAN)
