As global headwinds continue to pressure financial markets, the Governor of the Central Bank of Nigeria (CBN), Mr. Yemi Cardoso, has assured Nigerians and international observers that the country’s economic fundamentals remain sound and are moving in the right direction.
Speaking during a media briefing at the conclusion of the Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, Cardoso stated that the Nigerian economy is “insulated from global tempest” and is benefitting from ongoing structural and monetary reforms.
The CBN, he said, is not only focused on stabilising the financial system, but is also working to reduce inflation to a single digit, shield the economy from external shocks, and ensure the banking sector remains strong amid ongoing recapitalisation efforts.
Cardoso’s comments come just days after the International Monetary Fund (IMF) concluded its Article IV consultation in Nigeria, commending the country for its recent macroeconomic reforms on both fiscal and monetary fronts.
“Article IV is important because the IMF is considered a credible institution,” Cardoso noted, adding that the positive feedback from the IMF reflects growing international confidence in Nigeria’s economic direction.
The CBN governor maintained that reforms currently underway will position the economy for sustained long-term growth, and urged investors and citizens to remain confident in Nigeria’s trajectory.
