*Nigeria remained committed to sustaining reforms and macroeconomic stability – Cardoso
President Bola Tinubu’s reforms are durable, self-sustaining, and aimed at transitioning Nigeria from economic survival to growth.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made this known during a press briefing at the ongoing Spring Meetings of the World Bank and the International Monetary Fund in Washington, DC.
Edun said that these reforms—implemented since mid-2023—have stabilises the economy and positioned it to withstand external shocks.
He noted that the meetings were held amid global export tensions, trade uncertainty, and tightening financial conditions affecting economies worldwide.
“Building prosperity through policy, reflects Nigeria’s commitment to credible and disciplined macroeconomic reforms,” Edun said.
Edun said Nigeria had been better positioned to withstand external shocks due to ongoing reforms.
He added that market-based foreign exchange and fuel pricing systems were also stabilising the economy.
The minister noted that while inflation remained a key risk, driven by energy, food, and logistics costs, the government was implementing targeted social protection and agricultural interventions.
Edun added that government was also maintaining fiscal discipline, and ruling out inefficient subsidy regimes.
“The economic growth have exceeded four per cent, while reserves reached about 50 billion dollars. Inflation is gradually declining, while public debt remains within sustainable levels.
” Reforms are boosting domestic production and private sector confidence,” he said
The minister listed investments such as Dangote Refinery as indicators of progress.
Edun said small and medium enterprises were also benefiting from improved incentives.
“Nigeria is transitioning from stabilisation to growth acceleration and job creation.
” Some key growth drivers are power, agriculture, infrastructure, and digital innovation,” he said.
The minister said that development partners have reaffirmed support for Nigeria’s reform priorities, with rising investors interest in energy, agribusiness, and infrastructure sectors.
Edun said that the country also advocated reforms to reduce capital costs for developing countries.
“Nigeria’s global economic standing is improving, with reforms gaining recognition.
“I am confidence that reforms will drive sustainable growth and reduce poverty,” the minister said.
Edun, while commending the Nigerian delegation at the meetings. reaffirmed the Federal Government’s commitment to attracting investment and strengthening partnerships for development.
On his part, the Governor of the Central Bank Nigeria (CBN), Olayemi Cardoso, said that Nigeria remained committed to sustaining reforms and macroeconomic stability.
Cardoso said the meetings reviewed Nigeria’s reform progress and strengthened institutional capacity.
He said that while the global conditions remain challenging, with geopolitical tensions affecting markets and inflation, Nigeria had contained external shocks through exchange rate stability and stronger reserves.
This according to him is the importance of sustaining reforms to build long-term confidence.
Cardoso said that the country’s banking sector recapitalisation raised to 4.65 trillion naira aimed at strengthening financial resilience in the sector
According to him, 33 banks have met new capital requirements, boosting shock absorption capacity.
“As of the March 31, deadline, banks have mobilised a total of N4.65 trillion in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy, with 33 banks meeting the new threshold.
“The programme recorded strong participation from both domestic and international investors, with 72.55 per cent of capital sourced locally and 27.45 per cent from international markets, reflecting sustained confidence in the Nigerian banking sector,” Cardoso said.He added that Nigeria remained committed to maintaining a stable and resilient financial system, while expressing optimism that reforms will sustain growth and attract investment into the economy.
